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Legal & General cuts life policy bonus rates and maturity payouts

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 fall to 1.5 per cent from 2 per cent in 2000 on the sum assured and to 2.75 per cent from 3.5 per cent on existing bonuses.

A 25-year endowment policy for a male aged 29 paying £50 a month will pay out £73,566 compared with £86,895 last year,a decrease of 15.3 per cent.

The running yield – a yearly bonus made up of an annual bonus and any contractual bonuses – on a unitised single premium with-profits income bond is unchanged from 2000 at 6.5 per cent. For a unitised single-premium with-profits growth bond the running yield is down to 4.5 per cent from 5 per cent.

For regular-premium unitised with-profits personal pension, the RY is 5 per cent, down from 6 per cent on 2000.

L&G says its bonus declarations take account of current investment conditions and maintain fairness between generations and classes of policyholders.


Egg to open IFA supermarket covering all products

Prudential-owned Egg is planning a full-scale launch as an IFA supermarket for funds and pensions following its acquisition of business-to-business platform Fundsdirect.Pru says its does not see a conflict with IFA-exclusive supermarket Cofunds which it part-owns through M&G.Egg will merge its newly acquired platform with existing consumer fund supermarket, Egg Invest, before entering the IFA […]

Life offices back giant tech fairs for IFAs

Leading life offices and technology firms are teaming up to launch a series of technology fairs which they claim will be the biggest programme of IFA-focused events.Standard Life, Norwich Union, Scottish Equitable, Standard Life, Synaptic Systems and Microsoft are among 15 companies backing the events, which they hope will replace the smaller seminars which […]

HSA and Leeds Hospital Fund to merge

Healthcare cash plan providers HSA and Leeds Hospital Fund are merging to form a combined operation controlling 45 per cent of the sector.HSA has 37 per cent of the cash plan market, primarily in London and the South-east, while LHF has a strong brand presence in the North, with about 7 per cent share.Despite their […]

Cheshire fixes at 5.78% for decade

Cheshire Building Society is expanding its mortgage range to offer nine new loans, including flexible trackers, a first-time buyer product, discounts and fixed rates.The 10-year fixed rate mortgage offers up to a 95 per cent loan at a rate of 5.78 per cent compared with the current variable rate of 5.65 per cent.The loan also […]

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Healthcare predictions for 2015 from Jelf Employee Benefits

The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.


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