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AIG Life cuts charges to be stakeholder compliant

AIG Life is cutting the annual management charge on its personal pension funds to 1 per cent from 1.1 per cent.

The move takes immediate effect and applies to both new and existing policyholders.

It means AIG now has two versions of the Personal Pension Bond with one version being compliant in terms of charging structure with the Government&#39s stakeholder proposals.

Its investment marketing director Nigel Hewett says: &#34The across-the-board reduction in AMC allows us to confirm our support for existing clients and also to attract new business in a competitive sector.

&#34As stakeholder develops we will continue to seek to be at the forefront of product design and administration.&#34


Leeds & Holbeck Building Society launches base rate tracker

Leeds & Holbeck Building Society is launching a base rate tracker mortgage.The loan is guaranteed to follow the Bank of England&#39s base rate plus 0.49 per cent for five years. Loans are available up to 95 per cent loan to value.It has no early redemption penalties, but the society&#39s household insurance is required for five […]

National Savings increases fixed interest rates

National Savings has increased the interest rates on three of its fixed rate savings products.The move has been triggered by upward movement in medium term money market rates.The interest rate on the five year Pensioners Bonds and Capital Bonds is increased to 5.15 per cent gross from 4.85 per cent gross. While the tax free […]

M&G appoints UK equities fund manager

M&G has appointed a new fund manager to its UK equities income team.Hakan Salih is joining M&G from Hill Samuel Asset Management. He will report to head of UK equities Sam Morse and will be part of the income team headed by Richard Plackett.M&G chief executive Michael McLintock says: &#34Hakan is a great addition to […]

Exclusive Connections discounts for five years

Mortgage packager Exclusive Connections has launched a five year discount rate loan.The discount rate over the five years is 1.25 per cent giving a payable rate of 5.64 per cent.Loans are available up to 95 per cent loan to value. There is also a £300 cashback.The redemption penalty for early repayment is nine months&#39 interest […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]


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