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Annuity Bureau applauds Government decision

The Annuity Bureau has welcomed the Treasury&#39s proposal to increase the age individuals must buy an annuity to age 80 from 75.

The retirement specialists say the move has been long awaited and is much needed.

It believes the move will allow people greater investment freedom which in turn will benefit the income drawdown market.

It says the Government is not going as far as abolishing the necessity of purchasing an annuity, but it claims it does not support that step anyway, because it would be too beneficial for the rich.

Annuity Bureau managing director Peter Quinton says “The question of abolishing the need for annuity purchase will no doubt raise its head again, but this decision to shift the age to 80 means, for the present, annuities are set to stay. The recent surge in new annuity products reflects the providers commitment to this market.”


Providers fear Govt pension statement will confuse public

Pension providers are voicing concerns that the Government&#39s CombinedPension Statement may confuse the public about their pension entitlement.They fear the statement, which provides pension planholders with estimatesfor their retirement income by combining details of private pensions andstate benefits, could lead to people expecting more income than they willget.Each provider is expected to provide customers with […]

Portman adds three discounts in revamp

Portman Building Society is revamping its mortgage range and adding threeproducts.The loans in the revised range include a long-term discount, a two-yearsuccessor discount and a discount with no fees.The long-term discount mortgage offers a 0.5 per cent discount on thestandard variable rate of 7.49 per cent until June 1, 2005.The successor discount offers a 1.5 […]

Co-op warning on stake ads

The Co-operative Insurance Society is warning that the Government&#39s £5mstakeholder ad campaign will be a waste of money if it is not backed upwith education.The life office fears a one- dimensional ad campaign for the pensionscheme, backed up only by decision trees, will send a half-cocked messageto an already confused public.CIS says the hardest hit […]

IFAs name stakeholder pensions as the crucial issue facing industry

Independent financial advisers unanimously place stakeholder pensionsabove polar- isation and regulation as the key issue facing the industry.Research carried out by Zifa polled 250 randomly selected national IFAs,network IFAs and sole traders and reveals stakeholder is uppermost in allIFAs&#39 minds.But when asked to rank two further issues in order of importance, theanswers were coloured by […]


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