View more on these topics

Axa offers final chance for orphan cash windfall

Axa is offering policyholders their last chance to receive a cash windfall in exchange for giving up the right to future payouts from its orphan estate.

The offer is a repeat of the controversial proposal made last year which won approval from the High Court in December 2000.

A group of policyholders , backed by the Consumers&#39 Association, had challenged Axa in court over the fairness of its scheme to distribute its inherited estate.

Eligible with-profits policyholders were offered £400 per policy to give up the possibility of receiving future distributions from the inherited estate. Last year, 532,000 policyholders voted to take the cash.

This repeat offer will go out to around 165,000 policyholders holding around 180,000 policies. To be eligible, the policies must be with-profits policies from Axa Equity & Law or Axa Sun Life in force on July 24, 2002 and July 25, 2001.

Information and another election form will be sent to eligible policyholders during the second half of August. Completed forms must be returned by November 6. Policyholders should receive their cash by February 2002.

Some policies will receive an equivalent additional bonus rather than a cash payment.

Axa Sun Life chief executive Andy Haste says: “The High Court approved our proposals without amendment in December and a significant majority have already chosen the new with-profits fund and received a cash payment. We are offering another opportunity for policyholders.”


Eagle Star swoops on with-profits

Eagle Star has introduced a unitised with-profits bond that offers investors the choice of three charging options.The bond aims for income and growth by investing in a range of 12 unit-linked funds that include UK equity, European, North American, with-profits and property funds. It has a current annual bonus rate of 5.25 per cent and […]

Giving a portfolio new properties

I have a significant amount of money to invest but am reluctant to put that money in shares. I already have a portfolio of shares managed by my broker and also unit and investment trusts. I am looking for capital growth in the long term and am quite interested in property investments. What might I […]

Gartmorte Stable Growth

GARTMORE Stable Growth Fund Type: Unit trust. Aim: Growth by investing in zero dividend preference shares. Minimum investment: Lump sum £1,000, monthly £50. Isa lump sum £3,000, monthly £50. Pep transfers lump sum £3,000. Investment split: 100 per cent in zero dividend preference shares. Isa link: Yes. Pep transfers: Yes. Charges: Initial 1.5 per cent, […]

IFAs rocked by claims they lack investment knowledge

IFAs have been accused of lacking investment knowledge and of spending more time choosing between different providers than on investment strategy in Sandler&#39s wide-ranging review. Sandler says IFAs are more versed in areas such as tax planning than they are in understanding the often complicated nature of investment savings vehicles. He also believes they often […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm