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Opposition parties renew pressure on annuities

The Government has come under pressure again from the opposition ranks to make a move towards relaxing the annuity rules.

Conservative MP David Curry has tabled a private member&#39s bill which would replace the existing annuity regulations.

It would retain the tax free lump sum attached to annuities, compel pensioners to buy an index-linked annuity that will provide them with a minimum income and then allow them to spend the remainder of their pension pot as they choose.

Liberal Democrat trade and industry spokesman Vincent Cable has also taken action in putting forth an early day motion calling on the Government to launch a full review of the annuity situation.


Old Mutual to split chief executive and chairman

Australian financial services group Old Mutual is set to split the roles of its chief executive and chairman in response to pressure from institutional investors. Mike Levitt, who has held both positions since the group demutualised and floated on the London Stock Exchange in 1999, will remain non-executive chairman. Jim Sutcliffe, who currently runs Old […]

Marsden brings in three-year fix

Marsden Building Society is getting fixed with the introduction of the three-year fixed rate mortgage.Fixed until July 31, 2001, the mortgage has a rate of 5.95 per cent for loans up to a maximum of 80 per cent. After the fixed rate period the mortgage reverts to the Marsdens standard variable rate. The mortgage is […]

Hitting a brick wall

I returned from a short career break travelling around Cambodia and otherparts of Indo-China in April and, being of the age that pension mattersbecome important, I decided to tidy up my own pensions. I have had unbelievable problems trying to get information from StandardLife. All I have been asking for is a quotation to transfer […]

Survey shows profit gap in wealth sector

Half the clients of UK wealth management firms hold balances below theminimum stated size required by the service provider, says a report fromthe Boston Consulting Group. Regardless of the size of desired minimum balance, the managementconsultancy says it is likely that at least 50 per cent of the accountsconsidered to be in the wealth management […]

A modern horror story

Every day a quick scan of the news reveals some new horror that will change the lives of those involved forever – the unlucky accident on the way to work, a tragic illness that cuts a young life short or the holiday accident that leaves more than just a scar to cope with. We barely […]


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