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Clerical Medical take cafeteria style to pensions

Clerical Medical has introduced a cafeteria style company pension plan that offers a menu of group personal pensions, group money purchase schemes and group additional voluntary contributions packages.

Futureproof is designed to cater for the retirement needs of employees at all levels, from directors to part-time staff. Employees can move between the various packages – for example if they are promoted and their needs change – and they can also take their plan with them if they change jobs.

Twenty unit-linked funds, including an ethical fund, are available to clients and there is a choice of two with-profits funds one for single premiums and one for regular contributions. The bonus rate for both with-profits funds is 5.50 per cent.

Clients can switch between funds without charge and may choose to go for the lifestyle investment option, which shifts between cautious, balanced and adventurous risk profiles depending on how near to retirement the client is.

Futureproof displays many hallmarks of a flexible pension plan and its use of with-profits within the framework of stakeholder&#39s one per cent annual management charge is a plus. However, it does not have any external fund links and this is one area where employees may wish they had more choice.


&#39Isas more suitable than stakeholder&#39

Isas are more appropriate than stakeholder pensions for low to medium earners, says a senior economist with the ABI. Economist Chris Curry makes his claim in the trade body&#39s quarterly insurance trends survey. Curry writes about the pensioner credit and the effects it will have on the insurance industry. He says there are few tax […]

Standard Life Bank launches 25 year capped mortgage

Standard Life Bank is launching the third issue of Futureperfect, its 25 year capped rate mortgage. Futureperfect is capped for the 25 year life of the loan at 6.59 per cent. Standard Life Bank&#39s standard variable rate is currently 6.95 per cent. Standard Life Bank sales and marketing director David Macmillan says: “We know from […]

Remortgage package for self-employed

Specialist lender to the self-employed The Mortgage Business is launching a remortgage package available to self-employed and self-certification borrowers. The remorgage product is pegged at 1 per cent above Bank of England base rate – currently 6 per cent – until March 2003, reverting to 1.49 per cent above base for the remainder of the […]

Society lending down in December

Lending by building societies plummeted at the end of last year with net advances falling by £278m from £961m in November to £683m in December, according to the Building Societies Association. The BSA says the drop reflects the removal of Bradford & Bingley from the monthly survey, following its conversion to plc status at the […]


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