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Friends Prov cuts bonus rates

Friends Provident is cutting bonuses on its with-profits policies with payouts falling by an average of six per cent.
Regular bonus rates on its with profits “Main Series” products have fallen by between 0.25 per cent and 1 per cent. The changes see regular bonuses on its new generation pensions fall from 3.4 per cent in August to 2.4 per cent this month. Pension investment bond bonuses are down to 1.5 per cent from 2.5 per cent, and unitised with-profit bonds are down to 1.5 per cent from 2 per cent. Conventional endowment and conventional personal pension plan bonuses have both halved, falling to 0.25 per cent from 0.5 per cent. There has also been reductions in some final bonus rates.
Friends Provident Life and Pensions managing director Ben Gunn says: “Although the with-profits fund has returned positive growth at 9.4 per cent for the first time in three years, the cumulative investment since 2000 is still negative, at minus 6.5 per cent, reflecting the large fall in investments over this period.”


Lenders are hit by fast-track TV attack

The Money Programme&#39s second investigation into fraud in the mortgage market moves the spotlight from brokers to lenders, accusing them of turning a blind eye to flagrant abuse of self-certification and fast-track mortgages. The programme, broadcast on Wednesday night, shows the anger of brokers who feel that lenders are taking no responsibility for the problems […]

Margetts Fund Managenent – Carry On Entertainment

Type: Enterprise investment scheme Aim: Growth by investing in the production of Carry on London and rights to further Carry On films Minimum investment: Lump sum £10,000 Opening/closing date: January 27, 2003/April 2, 2003 for 2003/2004 tax year, April 30 for 2004/2005 tax year Charges: Initial 5.5%, annual 1.5% Commission: Initial 3% .0.25% Tel: Tel: […]

Co-op Bank and CIS to recruit 500 staff in UK

Co-operative Bank and CIS are to take on another 500 service centre staff in north-west England over the next 12 months. At a time when many other insurers and banks are outsourcing overseas, it plans to recruitment for 200 new positions and 300 existing ones in Manchester, Skelmersdale and Stockport. The bank and CIS, which […]

1st Software launches risk profiling software

Software provider 1st Software is launching an investor profiling software to help advisers assess their clients&#39 appetite for risk, measured against their expectations for investment return.

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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