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Giving up the lion&#39s share

The Diary has learnt from a disgruntled group of Antipodian backpackers that they were forced to share their youth hostel dormitory with a family of five from Bristol visiting London for the weekend.

We understand that the daddy was none other than Hargreaves Lansdown&#39s ubiquitous pension spokesman Tom McPhail together with his girlfriend and their children who were in London with cheap tickets for The Lion King musical.

The Diary understands that the children were treated to a slap-up feed of bangers and beans cooked in a tilly-can on a primus in the hostel canteen before hitting the West End.

We know that investments are performing poorly but we did not know that times were quite so hard.

Perhaps next time the family might prefer to see Les Miserables.


&#39Green Paper will boost income drawdown&#39

The Pensions Green Paper has given income drawdown a massive boost by liberalising the rules governing when and how retirement income can be taken, claims pension consultantcy Towers Perrin.The company says Inland Revenue proposals to remove the requirement to buy an annuity by the age of 75 and replace it with a requirement to use […]

Actuary accuses firms of cover-up in DB &#39scandal&#39

Company finance directors are covering up the reality to shareholders and employees by claiming that shifting occupational pension schemes from defined benefit to defined contribution will save money, a leading actuary has told MPs.Testifying before the Parliamentary Work and Pensions select committee&#39s inquiry last week, Hymans Robertson senior partner Ronald Bowie said companies closing their […]

Standard slaps on 27% MVA

Standard Life is imposing a market value adjuster of up to 27 per cent on its with-profits funds to deter an exodus.The move more than doubles the firm&#39s previous 10 per cent MVA imposed in September last year.Standard says the rise was prompted by a marked increase in withdrawals following bonus cut announcements last week […]

Barclays and Woolwich move IFAs into Europe

Barclays Bank and its Woolwich subsidiary are expanding their IFA operation into Europe for the first time, targeting British expatriate customers.The group will be based in Luxemburg and plans to start providing full financial advice from March. It will trade under the brand of Barclays International Financial Advisory Service as it believes Barclays is a […]


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