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NIRS II to cost £35m to £40m

The Department of Social Security has announced that the compensation bill for delays to occupational and personal pensions providers caused by computer system NIRS II will reach between £35m and £40m.

The Government issued the figures in response to a question from Liberal Democrat Social Security spokesman David Rendel MP.

Rendel condemns the additional costs.

He says: &#34The original contract cost the Contributions Agency around £138m. But these compensation payments will add a further £40m.

&#34That is not good value for money. Sadly it is taxpayers who have to fit the bill.&#34


Pro-life fund tops ethical charts

The first ethical unit trust in the UK to be based upon rigorous pro-life investment criteria has topped the list of ethical unit trusts according to Datastream.The CF Banner Real Life Unit Trust gained 11.9 per cent in value over the two months to January 12 1999. Friends Provident&#39s and Scottish Equitable&#39s ethical trusts both […]

Sun Life hit by withdrawal from market

Axa Sun Life&#39s decision to withdraw from the life and pensions market due to what it saw as unsustainable price competition is responsible for the 1998 profits dip, according to analysts.Insurance analyst Ned Cazalet says: &#34Sun Life withdrew as it felt the pricing had gone mad due to the pressure of competition, especially in pensions. […]


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