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Nationwide increases mortgage rates

Nationwide has announced that it will increase its base mortgage rate by 0.25 per cent to 5.14 per cent, following the MPC&#39s decision to increase base rate to 4 per cent.

The change will take effect from 1 March 2004, and Nationwide says its base mortgage rate will be around 0.85 per cent lower than the standard variable rates of other high street lenders such as Abbey and Barclays/Woolwich.

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Jupiter appoints retail marketing head

Jupiter has appointed Peter Hall as head of retail marketing. Hall joins from Fidelity, where he was senior manager, practitioner and IFA marketing. Joint managing director Gordon Davidson says: “Peter&#39s experience in UK retail marketing and fund distribution will make him a valuable addition to the marketing and sales team.”

Building societies target offset mortgages

Two building societies are challenging the growing offset mortgage market with new products hitting the market this week from Norwich & Peterborough and Coventry. N&P says it is the first building society to link a current account with mortgage and savings accounts, while Coventry&#39s product offsets savings against borrowings. N&P group product manager Gary Lacey […]

Longevity improvements add to pension problems

Improved life expectancy has added £10bn to the pension deficits of FTSE 100 companies, says Aon Consulting. Figures from the Government Actuary&#39s Department show the life expectancy of a 65-year-old man has increased by 10 per cent since its 2001 forecast, adding two years to average male life expectancy. Aon says the new mortality calculations […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.

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