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Legal & General cuts bonuses

Legal & General has cut its annual bonus rates by up to 25 per cent on life policies and maturity payouts by more than 15 per cent. Annual bonuses on life policies are down to 1.5 per cent from 2 per cent in 2000 on the sum assured, and to 2.75 per cent from 3.50 per cent on existing bonuses. A 25 year endowment policy for a male aged 29 paying £50 a month will payout £73,566 compared with £86,895 last year, a drop of 15.3 per cent. For regular premium unitised with-profits personal pension, the running yield is 5 per cent, down from 6 per cent on 2000.

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Liverpool Victoria – Max

Friday, March 1, 2002Type: Unitised with-profits endowmentAim: Growth by investing in the Liverpool Victoria with-profits fundMinimum sum assured/premium: £4,500/£50 a month, £600 ayearMinimum-maximum term: 10 yearsFund links: With-profitsCharges: Initial charge version – initial subject to negotiation, annualimplicit. Level charge version – annual 0.32%Options: Waiver of premiumCommission: Initial 130% of Lautro, renewal 2.5%Tel: 0845 6020690

Just 15% say they will make the move to multi-ties

Only 15 per cent of IFAs are considering multi-tying their businesses following the publication of CP121 in Jan-uary, research by Orc Inter-national has found.The survey also reveals that 69 per cent of respondents are not interested in any type of tie-up for their business.A quarter of advisers working from a national IFA head office say […]

Egg reduces pre-tax losses

Egg has reduced its pre-tax losses by 43 per cent to £87.8m in 2001 from £155.3m the previous year. The internet bank which is 79 per cent owned by the Prudential also saw its operating income up 103 per cent to £189.4m from £93.2m in 2000. Egg chief executive Paul Gratton says the bank acquired […]

Sainsbury signs up with Hargreaves for annuities

Hargreaves Lansdown has signed up retail giant Sainsbury to use its annuity search service to help its employees find the best open market option.Hargreaves Lansdown has developed an Annuity Search Engine system that allows pension scheme trustees and members to find competitive annuity rates, enabling them to shop around for their annuity quickly and easily.

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