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Legal & General introduces immediate vesting

Legal & General has introduced immediate vesting, a new option for its existing personal pension plan that allows customers to pay a single premium to either top up their pension or take advantage of the carry forward/carry back rule.

Carry forward/carry back gives a personal pension investor the chance to contribute to their pension for years when no contribution was made. Carry forward will be phased out following the introduction of stakeholder in April 2001, with the last chance to carry back occurring in January 2002.

The product also does away with paying any charges. Usually an investor has to pay an initial charge to claim money from a personal pension plan to buy an annuity. Immediate vesting enables investors to buy an annuity immediately without having to claim money from a pension plan, therefore avoiding any initial charge.

Legal & General is one of a growing number of companies that are focussing on this area of the market. This is because the abolition of carry forward/carry back could lead to a massive amount of new business being written, as many ordinary members of the public are not aware of it and have not made any contributions.


Employers need advice

For the vast majority of employers, the days when it was possible to ignore pension provision are numbered. By October 8, 2001, all employers should have carried out an audit of their pension provision. Failure to comply with the new requirements could result in a fine from Opra. The safest approach for any employer is […]

National Savings investment reaches £62.6bn

Gross investment in National Savings’ products increased £931m in June 2000. Savings have now reached £2.6bn this year in its range of income bonds. The Government body says it has attracted £62.7bn in investment in total.

Correspondent&#39s Week

I return late on Sunday evening after a weekend in Berlin with my wife Sarah, who has been singing with the Berlin Philharmonic Choir.While in Berlin, I met the chief executive of Deutsche Bank Mortgages to see what regulatory lessons I could learn in Germany. I established, with some degree of satisfaction, that the UK […]

B&B and Charcol in loans venture

Bradford & Bingley is gearing up to launch a new sub-brand which will incorporate the mortgage broker services of John Charcol.The sub-brand will be called The Market Place at Bradford & Bingley.It will be offered to all customers wanting advice on mortgages, investments and B&B savings accounts. Customers will be offered the full range of […]

Global energy: positioning for a recovery in the oil price Š

Richard Hulf explains how he and John Dodd have positioned the Artemis Global Energy Fund and where they are finding opportunities. Richard explains how he and John are changing the complexion of the fund to focus on the most efficient oil producers. As he tells journalist Alexis Xydias, in this environment of lower prices, he […]


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