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Equitable slashes pensions

Equitable Life is slashing 16 per cent off the value of pension funds in a bid to balance its books.

The cut by the troubled life office sees a pension fund worth £50,000 last year now worth £42,000.

Equitable Life is also cutting the value of life assurance policies by 14 per cent, and will not be paying out any bonuses for the first six months of 2001.

Equitable Life chairman Vanni Treves says: “Difficult times require difficult decisions. Given the impact of market movements, the board believes this action is absolutely necessary and is in the long term interests of policyholders.”


Join the with-profits debate

The with-profits debate will get a thorough airing at the hands of anumber of industry big hitters at a conference organised by Infoline onSeptember 19. The conference will look at whether with-profits are right for today&#39sconsumer, whether they can work in a stakeholder environment and howquestions of transparency, clarity of communication and guarantees can beaddressed. […]

Skandia cuts CI rates on menu-based plan

Skandia has cut critical-illness cover rates in its menu-based protectionplan by up to a fifth. Skandia Protect was launched in January as a CI plan and expanded in Mayto include stand-alone life cover and long-term care options. The company says rates have been cut because sums assured are bigger thananticipated and because of the high […]

Foot and mouth and floods blamed for slump in sales

The Pep and Isa Managers Association is reassuring IFAs and fund managersthat the recent plummet in Isa sales is not a sign that the funds arelosing their appeal. Isa sales were down by 43 per cent to £1.3bn in March from more than£2.3bn in the same month last year and the new tax year started […]

Stakeholder survey shows gender gap

Men are considerably more aware of the introduction of stakeholderpensions than women, according to research by Barclays and Legal & General. The life office, which recently agreed a deal with the bank to provide itspensions products have found that more than half of men have heard ofstakeholder pensions compared with just 41 per cent of […]

Oil industry: only the fittest will survive

The actions of OPEC have forced the oil supply to fall and producers to cut costs and rationalise, says Richard Hulf In an interview with journalist Alexis Xydias, Richard Hulf, manager of the Artemis Global Energy Fund, explains the impact of the fall in the oil price on energy companies. Alexis also quizzes Richard on […]


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