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Norwich Union slashes bonuses

Norwich Union is slashing its bonuses for with-profits endowment policyholders.

The annual bonus on the sum assured on a conventional savings endowments is being cut from 2 to 1.5 per cent. The bonus on previous annual bonuses falls from 3.25 to 2.75 per cent.

A person cashing in a 10 year £50 a month policy taken out at the age of 29 would now receive £9,479 this year compared with £9,929 for an identical policy a year earlier.

NU group chief executive Richard Harvey says: “Customers whose policies mature in 2000 are enjoying returns well above the rate of inflation.”


Life offices in stakeholder price war

Life offices have launched into a bloody stakeholder pension price war which has seen annual management charges plummeting below the Government&#39s 1 per cent cap.Legal & General and Friends Provident have kicked off with aggressively priced “stakeholder friendly” group schemes with annual management charges as low as 0.65 per cent.While Scottish Mutual&#39s Universal group plan, […]

Pru boss joins supermarket

Prudential chief executive Sir Peter Davis is replacing J Sainsbury chief executive Dino Adriano.In an attempt to halt its decline the supermarket is saying it is necessary to appoint a new chief to make radical changes. Davis was instrumental in the launch of internet-based bank Egg.Prudential says Jonathan Bloomer will become group chief executive on […]

“Ethically unsound” insurance companies attacked

UK insurance companies are failing to take environmental and social issues seriously, according to a new report by Friends of the Earth.The report contains a league table of insurance companies and their environmental policies.FoE is urging insurance companies to pressurise the companies they invest in to clean up their acts.FoE policy and campaigns director Tony […]

Confusion keeps customers out of Isas

Confusion is leading willing consumers to stay out of the Isa market, according to financial researcher Chambers & Stoll.According to the C&S survey on 1,015 representative adults, making Isas easier to understand would encourage more than 15 per cent of consumers who don&#39t have an Isa to buy one before April.A spokesperson for C&S says: […]


Britain's “Forgotten Army”: The collapse in self-employed pension membership – and what to do about it

Pension scheme membership among employees has risen by more than five million in the past four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed […]


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