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Maturing Tessas surge expected

The Inland Revenue estimates that out of a Tessa market worth around £30bn, £21bn is expected to reach maturity in 2001, more than two thirds of it before the end of April, according to Hargreaves Lansdown.

Tessas have been maturing since 1996, but those who started Tessas in early 1991 and rolled over the maximum £9,000 into a follow-on Tessa can expect to receive between £12,000 and £16,000.

Most people are expected to reinvest maturing Tessa funds.


Scottish Friendly Assurance with profits bond stays at six per cent

Scottish Friendly Assurance is launching its growth and security with profits bond for 2001 with a bonus rate of 6 per cent, guaranteed until January 2002. This is the same bonus rate which applied to the bond in 2000. With a minimum initial investment of £3,000, single investments over £10,000 in the bond receive an […]

Clerical Medical – With Profits Bond

Friday, 19th January 2001.Aim: Growth and income by investing in Clerical Medical&#39s with-profits fund.Minimum investment: £5,000.Bonus rates: 4.7 per cent.Allocation rates: 100 per cent.Charges: Annual 1.3 per cent.Commission: Either initial 5.25 per cent, initial 4.125 per cent renewal 0.25 per cent or initial 3 per cent renewal 0.5 per cent.Tel: 0800 779090. 

Loophole opens way to Equitable exodus

IFA sources reckon the troubled life office has been inundated with transfer req uests from up to 9,000 policy holders and more than 25,000 transfer enquiries. Life office analyst Ned Cazalet says there is no quick solution for Equitable despite efforts by action groups to engineer an agreement to stop the outflow of business. Pension […]

Rewards on the cards

IFAs see a future for fund supermarkets working alongside face-to-face advice but they feel most UK consumers are not ready to plunge into the world of online investment on their own. Mellon Trust chief executive of fund administration Steve Blizzard recently des cribed the idea of a stand-alone supermarket as flawed, maintaining that face-to-face advice […]


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