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GPP exemptions would make stakeholder a damp squid

CIS has called upon the Government not to give group personal pension plans an exemption under stakeholder proposals.

It claims this will render the proposals a damp squid.

The life office says it is not satisfied there is any rational basis for allowing GPPs an exemption.

Because GPPs have non-occupational status CIS claims they are not likely to meet the charging constraints set out under stakeholder.

Its general manager marketing Martin Clarke says: &#34If GPPs are allowed exemptions on the bases proposed, we believe the Government will fail in its aims to control charges and simplify pension provision.

&#34The previous consultation document highlighted the Government&#39s aim to make stakeholder pensions highly transparent in terms of features and charges but allowing such exemptions would simply undermine this aim.&#34


Norwich & Peterborough goes Posh

Norwich & Peterborough Building Society is launching a football affinity account aimed at supporters of Peterborough United.The &#34Posh account&#34 reflecting the club&#39s nickname, is designed to allow supporters to help the club financially by paying it an annual bonus based on the average of the balances held in Posh accounts.Fans who take out a Posh […]

Wesleyan offers fees free remortgage

Wesleyan Home Loans is launching a free fees remortgage package which includes free legal and valuation fees.The loan offers borrowers a 1.25 per cent discount in the first year bringing the standard variable rate down to 5.34 per cent.There is an early redemption charge of six months&#39 gross interest if redeemed in the first two […]

Timms replaced in reshuffle

The Prime Minister Tony Blair has announced the replacement of pensions minister Stephen Timms by Agriculture, Fisheries and Foods minister Jeff Rooker.Also on the move is the Treasury economic secretary Patricia Hewitt. Hewitt moves to the Department of Trade & Industry, where she is joined by Helen Liddell, who she replaced at the Treasury.Hewitt&#39s replacement […]

Abbey National loses grip on mortgage market

Abbey National lost its grip on the mortgage industry in the first half of 1999 suffering a 0.7 drop in market share.The lender which is set to invest £100m in developing its internet banking service is using its interim results to estimate its overall share of the mortgage market dropped to 2.4 per cent in […]


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