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Norwich Union keeps bonus rate on hold

Norwich Union says bonus rates and payouts on its with-profits policies will remain unchanged in a review of rates that follows its main bonus announcement in January.

Norwich Union chief actuary, Mike Urmston, says: “Following our main bonus announcement in January this year, we have now further reviewed our bonus rates and payouts and see no need to make any changes at the current time. Unless there are any significant changes in the stock market in the second half of 2004 we do not expect to review payouts or bonus rates again until January 2005.”

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Standard cuts commission for pensions

Standard Life is scaling back commission on its group and executive personal pensions, stakeholder and small self-administered schemes. It is removing guaranteed commission on group personal pension flex and stakeholder for schemes of fewer than 20 lives averaging less than £100 a month member average premiums. The company says GPP schemes of fewer than 20 […]

Sesame claims the small won&#39t survive

Sesame group chief executive Patrick Gale says only his network, Tenet and Bankhall will survive, writing off smaller networks as “minnows” which will disappear. He says unless an appointed representative network has at least 500 members, he does not believe it will be around once the current consolidation has been completed. He said the lure […]

Independent view

The Labour Government in its second term in office is truly showing its colours now with its attacks on tax avoidance. A whole series of measures have been introduced to crack down on tax avoidance, inc-luding very short time limits for scheme creators or advi-sers notifying the Revenue – five days, and swingeing penalties for […]

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(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.

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