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Boost for smokers as CGU cuts critical cover by 19%

CGU has cut the cost of critical-illness cover for smokers on its term insurance and mortgage protection policies by nearly 20 per cent.

Two 35-year-old smokers taking a joint-life mortgage protection policy based on 100,000 sum assured over a 25-year term and including critical-illness cover will now pay 81.30 rather the previous premium of 100.60.

CGU claims the move will broaden independ-ent advisers&#39 scope to generate a higher take-up of term insurance by a wider group.

Head of IFA business John Enos says: “We believe in providing IFAs with competitively priced products.

“Our ability to monitor the market ensures independent advisers are in a position to compete effectively in a price-sensitive marketplace.”

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.

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