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Call for tontines without arsenic

Schroders group chief investment officer Alan Brown has mooted the possible reintroduction of tontines to tackle retirement funding problems.

Originating in the 17th Century, tontines combine the features of a group annuity, group life insurance and a lottery. Each investor pays money into the vehicle and the pooled total is invested. Investors receive dividends until the last survivor takes the remaining assets.

Once popular in France, the UK and US, tontines are banned in all but the former due to the incentive for investors to kill each other to bolster their shares.

Brown says it would not be unreasonable to reintroduce a “civilised and updated version”. He says: “I am not talking about a return to the days of cups laced with arsenic. It is a viable option as it tackles the issue of investment and life longevity risk.”

Hargreaves Lansdown pensions research manager Tom McPhail says: “It needs a strong framework considering how they have been used in the past.”


The estate we’re in

Julie Hutchison, estate planning specialist at Standard Life, starts off a four-page special feature section on inheritance tax planning by assessing the developments in the field so far this year.

EuroCape offers second bite of the cherry

EuroCape has teamed up with Acorn Corporate Finance for EuroCape Property Finance II, an exempt unit trust investing in secured bridging and development finance for property projects in the UK, Europe and South Africa. The fund is also available as a limited partnership.

Merricks receives a CBE

Financial Ombudsman Service chief ombudsman Walter Merricks has been awarded a CBE in the Queen’s birthday honours list.

The last chance saloon

What does the future hold for IFAs then? If the imminent retail distribution review does not pose a definite threat to independent financial advisers as such, it may well pose a threat to the term “IFA” itself, some might say.

Pensions Dashboards around the World

Steve Webb’s latest policy paper British savers risk being left in the ‘slow lane’ unless the UK Government takes a more active role in ensuring the successful delivery of a Pensions Dashboard. The report, ‘Pensions Dashboards around the World’, coincided with a major conference that was held on Monday 16 May and brought together experts […]


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