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New Standard WP bonus cuts

•Standard Life announced another round of with-profits bonus rate cuts, reducing payouts by an average of 6 per cent.

This means that a £50 a month 25-year with-profits endowment policy is now worth £69,386 down from £75,984, an annual return of 10.7 per cent on total premiums of £15,000. There is to be no change to annual bonus rates.

Standard&#39s interim results also show its UK new business dropped by 27 per cent to £507m EPI from £694 for the six months to May 15 following two years of record growth at the group.

At the same time, its funds under management increased to record levels of £86.6bn from £83.3bn.

•Liverpool Victoria is cutting payouts on conventional with-profits policies by between 3 and 5 per cent. The change comes into affect from August 11 but leaves regular bonuses unaffected.

•Friends Provident&#39s results show a profit of £95m from a loss of £242m last year. It also had a record first half for life and pension new business, with a rise of 9 per cent to £198m EPI from £182m.

•Abbey National announced an overall loss before tax of £144m and a personal financial services business profit before tax of £351m down from £396m in 2002.


Invesco&#39s caution on UK fund seen as bid to avoid Euro growth repeat

Invesco Perpetual is calling on IFAs not to treat its top-performing UK aggressive fund as a core holding in a bid to avoid the problems that beset its giant European growth fund.The European fund, now on the sell lists of many IFAs, was one of the star performers of the 1990s under Rory Powe, reaching […]

Spanish inquisition

I intend to buy a property in Spain and retire there. What I need to do to be treated as a non-UK resident and how I can establish my domicile in Spain? The terms residence and ordinary residence are not defined in the Taxes Acts and are based largely on court rulings.To be regarded as […]

Online service for human resources

IFA network Group 300 is offering an internet-based tool to help advisers with their human resources&#39 responsibilities.The Evolution 300 package allows IFAs to manage their HR requirements by enabling them to maintain employee records and audit trails online. It can be used to create terms and conditions contracts, letters, health and safety documents and staff […]

Scottish Widows – Guaranteed Investment Bond

Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £2,000-£100,000 Term: Six years Guarantee: Original capital returned in full regardless of performance of index Return: Up to 60% growth at end of term Closing date: August 24, 2003 Commission: Initial 3% Tel: 0845 843 2222

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


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