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L&G offers refund deal on Pep and Isa charges

Legal & General is promising to refund the 1 per cent annual management charges for Pep and Isa transfers as long as the investment remains with the company for the rest of the year.

The offer applies to transfers into L&G&#39s index trackers or high-income trust made before April 30.

A cheque will be paid early next year, provided the money is held in the fund until December 31. The offer applies only to lump-sum investments and not regular savings.

L&G is a specialist in passive fund management and had £78bn – around three-quarters of the funds under management of its investment arm – in index trackers when it disclosed figures last November.

Retail investments marketing director Claire Stracey says: “Many Pep investors have substantial sums built up. Moving to one of L&G&#39s index-tracking range could significantly reduce the amount they are paying in management fees.

“We have built our reputation in the retail investment market by offering excellent value for money products. We are extending our special offer to enable more people to take advantage of our value for money approach.”


Abbey Nat scraps bonuses as payouts plummet

Abbey National says it will not pay bonuses on with-profits policies with Scottish Mutual, Scottish Provident and Abbey National Life unless contractually obliged to by guarantees.Payouts across Abbey Nat-ional Group&#39s life companies have been slashed by up to 25 per cent.The company has already started selling Prudential with-profits funds after closing its own with-profits funds […]

A-day could herald funding bonanza

The onset of the new pension regime in late 2004 to early 2005 will create a bonanza for IFAs as pensionholders look to utilise valuable tax breaks before they are scrapped, the Inland Revenue has admitted.Under the new regime, there will be a lifetime contribution limit of £1.4m and funds exceeding this figure will be […]

The Treatment Centre Company – Enterprise Investment Scheme

Thursday, 13 February 2003 Aim: Growth by investing in treatment centres for drug and alcohol dependency Minimum investment: Lump sum £1,400 Opening/closing date: February 11, 2003/March 31, 2003 Charges: Implicit Commission: Initial 3.5% Tel: 020 8681 1919

Equitable hit again as court rejects its claim Against auditor

The High Court has dealt a hugely embarrassing blow to Equitable Life and its lawyer chairman Vanni Treves by largely striking out its £2.6bn claim against its former auditor Ernst & Young.In a scathing judgment, Mr Justice Langley describes Equitable&#39s case as lacking “rigour and reality”. He added: “I do not think it is right […]


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