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L&G puts on a show of strength

Legal & General has published details of its realistic balance sheet revealing a risk capital margin covered nearly five times by its capital.

The realistic balance sheet for 2003 shows total assets of £18.6bn and liabilities of £17.6bn, leaving a with-profits estate of more than £1bn. Its total risk capital margin is £960m, leaving an excess over the RCM of £70m. Guarantees and option costs account for only 5 per cent of asset shares and L&G has £4.6bn in society capital to cover its RCM by 4.7 times.

L&G says its financial position means it has considerable scope for management action and it intends to operate the with-profits part of its long-term fund without external support.

Hargreaves Lansdown head of pensions research Tom McPhail says the asset mix of the with-profits fund is still very strong, with 51 per cent in UK and overseas equities and 18 per cent in property.

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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them

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