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L&G goes more conservative on annuity rates

Legal & General is to move to a more conservative mortality basis for reserving and reporting on its annuity business but says this will not lead to poorer annuity rates.

In an announcement ahead of its interim results on July 29, L&G says it has seen a marked increase in UK new business growth.

L&G group chief executive David Prosser says: “The board has decided to move to a more conservative mortality basis for reporting on annuity business which will result in a net increase in reserves of less than £100m.”


United bid to create a citizen&#39s pension

A working group of pension bodies is meeting to create a UK citizen&#39s pension which would remove the need for means-testing. The high-level working group, chaired by former National Association of Pen-sion Funds chairman Tom Ross, will work on practical solutions to implement a citizen&#39s test based on a simple residency test. The new pension […]

Stop the moaning about stakeholder

I am frankly fed up listening to the same old motley crew of negative, whinging product providers and IFAs knocking Sandler and the simplification of stakeholder products. They are like fat cats guarding their own pots of extra double cream. Unless they have something positive to contribute, they should keep quiet. No one – least […]

Watchdog urges providers and advisers to make critical reviewable rates clear

The Financial Ombudsman Service has asked advisers and providers to be certain that consumers understand the implications of reviewable premiums as these sales have dominated the critical-illness market over guaranteed premiums. The FOS is concerned that some contracts may not be clearly explained at the outset and customers do not realise that annually reviewable rates, […]

So near yet so far for Channel Islanders

There was a long trudge home for some delegates at this year&#39s PIMS conference on board the Oriana. Guernsey-based IFAs and product providers may have been able to see their homes – a mere two miles away – through the portholes of the ship but there was no quick boat ride home for them. Instead, […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


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