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Autif blames Isa for savings fall

The introduction of Isas has almost halved the level of regular savings being made, according to figures by the Association of Unit Trusts and Investment Funds.

Investment in regular savings plans fell from £431m in the first quarter of this year to £243m in the second quarter. Isas were launched on April 6.

Between April and the end of September £3.5 billion of investment fund Isas were sold, compared with £5.6 billion of Peps sold over the same period last year.

Autif director general Philip Warland believed the figures provides “absolutely clear and damming evidence” Isas have affected the level of regular savings being made.


Pru axes 1,500 staff

Prudential is axing 1,500 jobs in preparation for stakeholder pensions, according to the Financial Times.Scottish Amicable, the IFA arm of the Pru, is to shed 200 jobs.The Pru will cut nearly a quarter of its direct sales force, shutting all 103 support branches. ScotAm cuts will also be made through its salesforce.Prudential chief executive of […]

Pensions Management Institute fears defined benefit schemes could be sidelined

The Pensions Management Institute fears the proposed tax changes to pensions will marginalise defined benefit schemes.It is warning that unless concurrent membership is allowed, the proposed tax changes will erect a barrier between stakeholder pensions and DB schemes.To overcome this, the PMI says a way must be found to let members of defined contribution and […]

property boom prediction for pension funds

Solicitor Charles Russell believes pension funds are increasingly investing in commercial properties because of fears of stockmarket volatility.But it warns of a serious shortage of good quality property sites – pointing out funds are mainly interested in industrial sites in the south east and office sites along the M4 motorway corridor.Charles Russell partner Juliusz Wodzianski […]

Goldman Sachs wins deal to manage £3bn of Lincoln assets

Lincoln Financial Group UK has drafted in Goldman Sachs Asset Management International to manage £3b of its investment funds.GSAM will manage portfolios in UK, European and Japanese equities.Lincoln says the move will give clients more choice and access to broader expertise than is possible within their own operation.GSAM managing director Ted Sotir says: “This mandate […]


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