View more on these topics

JLT concerned over increased minimum fund levels for annuities

Legal & General has raised the minimum fund value for annuity purchase to £5,000 from £1,000 in a move that leaves Standard Life the only provider accepting applications on the open market for values below £5,000 with a minimum of £2,000.

Jardine Lloyd Thompson says 6 per cent of the annuities it placed last year were below or around £2,000 and is concerned members of self-administered money purchase schemes with low fund values may find their tax-free cash entitlements reduced due to them having to leave a residual fund of at least £2,000 so an annuity can be placed.

JLT annuity services manager Nick Eade says: “If Standard Life follow suit there may be an increasingly bigger gap between maturing funds and the amounts that insurers are willing to take.”


House prices continue to rise in London – Hometrack

House prices rose by 0.4 per cent in London in November, up from October&#39s rise of 0.3 per cent according to Hometrack. Prices fell in two boroughs, rose in 24 and remained the same in seven. The highest price rises were in Waltham Forest (1.5 per cent), Bromley (1.4 per cent), Enfield (1.4 per cent), […]

Investment edge

The FSA is launching an investigation into the extent to which IFAs trust product providers&#39 literature. This has been hastened by the precipice bond problems and the split-capital debacle. The IFAs I come across do not glibly accept all they read and Plan Invest has a reasonable record in questioning marketing material, going back to […]

Pensions Bill widely predicted for December

Liberal Democrat spokesman for work and pensions Steve Webb predicts that the Government will deliver a Pensions Bill by the end of the year, with detailed debates before Parliament breaks up for Christmas. Webb expects the Pensions Bill to contain details of the proposed pension protection fund and changes to the priority order for wind-up. […]

Pru Intl and St James&#39 Place outsource admin to Capita

Prudential International and St James&#39s Place are outsourcing life and pension admin services to Capita. The 260 Prudential staff who run St James&#39s Place admin will transfer to Capita as part of the deal but it is unclear how many of them will keep their jobs although Prudential spokesman Darragh Leeson denies that jobs will […]

Directors, limited liability partners and auto-enrolment

By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment