Tenet is refusing to sell Keydata’s secure income bond, which invests in US traded life policies, under an agreement reached with its PI insurers.The group, which owns networks Interdependence and M&E with over 1,150 IFAs, claims the product’s links to the US traded life market mean it is based on unproven actuarial assumptions and a market which has seen a number of cases of fraud. Keydata head of commu- nications Roddi Vaughan-Thomas says he disagrees the term “secure” is misleading. The fund is based on a portfolio that has been running for four-and-a-half years and Keydata says it is offering an institutional product to retail investors. He says policies underlying the fund are corporate protection policies and not viaticals, as in the collapse of Shepherds’ 26m offshore traded life fund in June. He says as the product invests in corporate protection policies where the individual insured is not the beneficiary, fraud “simply cannot happen”. Vaughan-Thomas says: “We have done more due diligence on this product than any other launch. Some IFAs appear to be Luddites in accepting a professionally put-together product offering a professionally created asset class. People should look at it without pre-judging.” Tenet spokeswoman Emma Bull says: “If our researchers have come to this agreement with our PI insurers, we have nothing more to add.”
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The National Association of Pension Funds is calling for a new independent standing commission to report to the Government on the impact of economic, demographic and social changes on the UK’s pension system and to advise ministers on measures to maintain the pension system in the long term.
Association of Intertnational Life Offices chief executive Stuart Fairclough has resigned with immediate effect. Fairclough was appointed to the role two years ago to raise the profile of Ailo, increase its membership base and improve the benefits provided to members and is now leaving to pursue other interests.Ailo says all these objectives have been met […]
Work and Pensions Secretary David Blunkett says countries around the world face the same challenges on pensions. Blunkett told a Centre for American Progress event in Washington that although countries may have different pension dilemmas they all face the same fundamental challenges. He said across the European Union, the working population is set to fall […]
Jelf Employee Benefits has released a guide to help employers communicate the recent raft of pension legislation to staff. ‘Your Guide to Pension Freedom’ will help employers meet their duty of care in explaining the changes to employees and in turn will help employees take more control over their pensions and retirement decisions.
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