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Drawdown offer from Norwich Union

Norwich Union is removing plan management and early encashment charges from its Trustee Investment Product used for income drawdown. The only charge it will make will be the 0.625 per cent annual management charge.

Norwich Union says it expects income drawdown to grow in the run-up to pension simplification in April 2005.

Norwich Union head of retirement product development Simon Warsop says: “The feedback we have had from IFAs is that simplicity and flexibility are the key factors for both IFAs and their clients. We believe this is a strong proposition.”


Close call for property investors

Close Property Investment is giving experienced investors a chance to invest in UK commercial properties which will have rental increases of at least 2.5 per cent at the next rent review. Fixed uplift properties is an offshore closed-ended fund which is also available as an exempt unit trust for self-invested personal pensions and small self-administered […]

Skills of former Equitable board inadequate – Penrose

The skills of Equitable Life&#39s former board were inadequate for the job and it never got to grips with the society&#39s true financial position, according to Lord Penrose in his report on the insurer.Penrose says critical responsibilities for valuing liabilities, assessing the liability implications of new products and identifying and monitoring risk were carried out […]

Pru portfolio planner goes on line

Prudential has launched its new Prudential Portfolio Planner into the IFA market The online tool uses stochastic modelling to help IFAs prepare investment recommendations for clients and includes features such as creating a customer risk profile. The risk profiling is followed by a series of questions as part of the needs&#39 analysis, covering growth or […]

Standard slashes direct salesforce

Standard Life has cut 360 jobs from its direct salesforce and is closing 10 branch closures as part of a radical restructuring programme. The jobs will go from its direct-sales division, reducing the number of staff across the UK from 630 to around 270. The number of direct branch locations will be reduced from 21 […]


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