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L&G interim results show life and pensions up 30 per cent

Legal & General’s half year results show life and pensions sales are up by 30 per cent to £266m from £205m EPI on last year.

The life office also revealed its plans to establish more partnerships along the lines of its Barclays, Woolwich and Alliance & Leicester tie-ups.

Individual pension sales were up 15 per cent to £202m EPI to £175m EPI. Corporate pension business more than doubled to £64m from £30 last year. UK unit trust and Isa sales increased 7 per cent to £59m from £55m. Total UK new business figures were up 25 per cent to £325m from £260m.

IFAs accounted for 59 per cent of its business down from 60 per cent on the same period last year. Its fund management business has grown 2 per cent to £6bn from 5.8bn.


Marginal rise in Skipton profits

Skipton Building Society’s half year results show pre tax profits were up marginally by 1.45 per cent to £25.12m from £24.76m on the same period last year. Group assets have increased 13 per cent to £5.9bn from £5.2bn in the same period last year. Group interest rates were up to 1.26 per cent from 1.25 […]

Skipton launches 5 year growth bond

Skipton Building Society has launched a new five year guaranteed growth bond promising absolute minimum returns of at least 126 per cent of the initial investment.The bond with a minimum investment of £2,000 and a maximum of £10,000 and offers the potential to earn 50 per cent gross over five years or 8.45 per cent […]

Royal London ordered to pay £15m and fined £400,000

Royal London has been fined £400,000 by the PIA and ordered to pay £15m compensation to 65,000 customers for breaches relating to the sale of investment products.As a result of the disciplinary action, Royal London is conducting a review of the past sales of its full product range including endowments, whole of life policies and […]

Newcastle performs balancing act

Newcastle Building Society has unveiled the balanced guaranteed equity bond which combines a one-year fixed rate bond with a guaranteed equity bond.Investors can place up to half of their investment in the fixed rate bond element. This is a savings account that pays interest at 8 per cent gross a year until August 31, 2002 […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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