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Axa goes ahead with occupational drawdown

Axa Sun Life is going ahead with plans for an occupational pension drawdown plan despite industry criticism that the option is being less attractive than switching to personal pensions first. The plan demands a fund of at least £50,000. There is a 100 per cent allocation rate and a monthly policy fee of £2.55. For amounts of up to £250,000 there is an annual management charge of 1 per cent with 0.65 per cent a year above this. Commission of 3 per cent plus 0.5 per cent renewal is available.

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Prudential aims on-line pension service at the fitness and leisure industry

Prudential is setting up an on-line pension scheme aimed at more than 500,000 workers in the fitness and leisure industry according to today&#39s Financial Times.The scheme is being set up in conjunction Sports & Fitness Leisure, a company specialising in employee benefits for the health and leisure industry.The scheme will be fully compliant with stakeholder […]

Scottish Provident appoints regulator to its board

Scottish Provident has appointed regulator Dr Oonagh McDonald to its board as a non-executive director.McDonald is currently a member of the Insurance Brokers Regulatory Authority and is a former director of the FSA.Prior to her regulatory positions she served as Labour member of Parliament for Thurrock from July 1976 to 1987 serving as opposition front […]

Lenders snub change on interest payments

Mortgage firms are bracing themselves for the impact of the Treasuryconsultation into mortgages which could force them to calculate interestrepayments on a daily basis.Lenders argue the move would cost them thousands of pounds updatingcomputer systems so they could make daily calculations and would force themto charge higher rates.The Treasury is considering forcing lenders to use […]

Apcims reports rise in private client business

CGU is launching a with profit annuity aimed at pensioners looking to make the most of their pension funds.The with-profits annuity will provide a viable alternative to traditional annuity schemes which have suffered from falling returns in recent years.The new annuity is available to funds with a minimum of £15,000 and will allow clients to […]

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