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NAPF receives assurance from Equitable

The National Association of Pension Funds says it has been assured by Equitable Life the likelihood of further bad news for policyholders has been substantially diminished by recent reductions in policy values.

The NAPF also reported reassurances that Equitable remains solvent, and that a further substantial fall in equity markets would be necessary to threaten this position.

NAPF chairman, Peter Thompson, says: "The issues facing trustees with Equitable with-profit policies are very complex, and are exacerbated by understandable concern from scheme members who have seen the value of their with-profits policies cut yet again. It is now more than ever important that trustees take advice from their pension scheme advisers as to the most appropriate course of action to be taken.”


L&G axes withdrawal charges

Legal & General has redrawn the terms and conditions on its unit trust range, axing many of its withdrawal charges and introducing monthly savings plans.All L&G index unit trusts, as well as the fixed interest trust, high income trust and ethical trust will have their 1 per cent withdrawal fee removed from July 31.While all […]

CML fears over lenders&#39 role as de facto brokers

The Council of Mortgage Len-ders is seeking clarification from the FSA over proposed mortgage regulations which could force lenders to act as de facto brokers. The trade association has written to the regulator after fears were raised that lenders may have to compare all mortgage deals offered to a borrower before accepting an application as […]

Schroders – West End of London Property Unit Trust

Wednesday, 1 August 2001.Type: Unit trust.Aim: Growth by investing in freehold and leasehold properties in London.Minimum investment: £1m.Place of registration: Jersey.Investment split: Mayfair and St James&#39 61 per cent, Soho 18 per cent, Covent Garden 14 per cent, Knightsbridge 7 per cent.Isa link: No.Charges: None.Commission: None.Tel: 0800 526540. 

Bank shocks market with rate cut

The Bank of England has surprised the markets with a 0.25 per cent cut in its base rate, now 5 per cent.The bank&#39s Monetary Policy Committee had been expected to leave rates on hold because of concerns over inflation, but was clearly persuaded by calls for a cut to fend off recession.


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