FTSE 100 companies paid almost twice as much into their pensions schemes in 2003 than in the previous year, according to Watson Wyatt. On average, contributions into defined benefit schemes rose 95 per cent, in stark contrast to 2002 when contributions “barely covered” the cost of new accruals. In 2003, employers not only covered accruals but put almost a similar amount again into boosting pension security, the consultancy says.
Standard Life wants Standard Life Bank to cross-sell within the group. Chief executive Anne Gunther says as the subsidiaries of Standard Life have come of age and have a strong group of products which work well together, it is logical to create links between the products, for example, a customer who has a flexible mortgage […]
Bupa has upgraded its group income protection product with changes including improved free cover levels, simplified and higher maximum benefits, improved advance underwriting and increased non-medical limits. Maximum free cover levels will now be £65,000 for schemes with 10-99 lives, £75,000 for schemes of 100-299 lives and £90,000 for 300 or more. The maximum benefit […]
The Isa season may be over but it was not, as many predicted, dead. Early indications from some of the leading providers show that sales have rocketed since last year's disaster, providing a much-needed fillip to what was increasingly being viewed as an irrelevance to most firms' businesses. It is far too early, however, to […]
The LIA is warning that a proposed review of financial advisers' exams could result in a drop in standards. Head of public affairs John Ellis thinks the introduction of the new regime will create the temptation for authorised firms to seek out easier options. The Financial Services Skills Council is proposing a range of modular […]
At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.
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James Hay grew its assets under administration by 15 per cent to £25.5bn in 2017, as net inflows also increased. James Hay parent IFG Group released its full-year results today, reporting net inflows at James Hay of £3.4bn, which was an increase on the 2016 result of £2.6bn. Overall, the group posted a £400,000 loss for […]
Cofunds’ advised clients will move to the new Aegon platform over the first May Bank Holiday, with the new platform expected to be up and running by 8 May, Aegon has confirmed. Aegon completed the first stage of moving Cofunds customers onto its new combined platform in December, transferring 79,000 non-advised investor portfolio service customers […]
Columbia Threadneedle Investments is calling for auto-enrolment into drawdown funds for people nearing retirement. According to research by the asset manager, people planning their retirement are confused about how they will convert their pensions savings into income, how much they might need in retirement and how long their savings might last. The firm said that […]