View more on these topics

Novia profits rise towards £1m for 2012

Novia

Novia recorded pre-tax profits of £968,414 for 2012, compared to £106,626 the previous year. 

Chief executive Bill Vasilieff says the platform’s relationship with Aegon helped it build revenue growth, up by 26 per cent from £13.4m to £17m.

He says: “The continuing development of the relationship with Aegon and the underlying capabilities give it a strong position in the market.”

Aegon announced in May that it was taking the administration of its Aegon Retirement Choices platform in-house, reducing Novia’s role within the platform.

Expenses increased by almost £3m to £16m in 2012, which the firm attributes to increased costs needed to grow the business.  

This included a 56 per cent rise in staffing costs, from £1.9m to £3.1m. 

Recommended

Money-Cash-20-Note-Currency-UK-700x450.jpg

Octopus launches Aim IHT Isa

Octopus Investments has launched an Aim inheritance tax Isa following recent Government rule changes. Octopus says the product has been designed to take advantage of the Government’s new Isa rules, introduced last month, which allows Aim shares to be included as part of Isas. The rules allow investors to get full relief from inheritance tax on their […]

DWP-Department-Work-Pensions-700x450.jpg
5

Govt plans annuities taskforce on retirement income reform

The Government is planning to set up a taskforce examining retirement income focusing on issues around annuities and decumulation, Money Marketing understands. A senior source at the Department for Work and Pensions says a review is needed as changing lifestyles require different retirement solutions. The DWP has already looked into annuity shopping around and the […]

DWP-Department-Work-Pensions-700x450.jpg
3

Govt could force employers to regularly review auto-enrol schemes

The Government may legislate to require employers to review their pension scheme periodically due to fears about a lack of competitiveness following the introduction of auto-enrolment. A senior Department for Work and Pensions source says the Government is “nervous” about competition in the pensions market once employers have chosen their auto-enrolment schemes.  The source says: […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment