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Opra probes pension-release firms

Opra and the Inland Revenue are investigating several organisations which offer to convert pension funds in to tax free lump sums.

The watchdog has warned the public to be on their guard against these schemes, which often attract people who urgently need cash.

Operators usually charge policyholders high commissions ranging from 20 to 30 per cent of the lump sum and while transactions are often arranged using offshore companies and bank accounts, investors can also end up paying tax on their cash.


Barclays guarantees savings

Barclays Bank has introduced another issue of its guaranteed equity savings bond, which divides investors&#39 capital equally between a guaranteed equity bond and a high interest account.The high interest account element is a one year fixed-rate bond that pays interest of 8 per cent. It allows investors to make emergency withdrawals of at least £1,000, […]

Norwich and Peterborough – Two Year Fixed Rate Bond

Wednesday, May 8, 2002Type: High interest accountMinimum-maximum investment: £1,000-£500,000Interest rates: 5% gross a year, 4.89% gross a monthTerm: Two yearsOffer period: Until further noticeWithdrawal penalties: No penalty provided £1,000 remains in thebond. Otherwise 120 days’ loss of interest on amountwithdrawnTel: 0845 3002511

NAPF concern at Budget

The National Association of Pension Funds has attacked Chancellor Gordon Brown savings policies saying his recent budget has ensured the public will have a “long healthy and poor retirement”.NAPF chairman Peter Thompson reiterated his call for FRS17 to be revised saying it distorts pension liabilities. Thompson is writing to the Financial Reporting Council voicing his […]

Horlick becomes SGAM chief executive

Star fund manager Nicola Horlick is to become chief executive of SG Asset Management, the group she co-founded in 1998. Horlick has been joint managing director alongside John Richards and succeeds Keith Percy as chief executive. Percy is to become executive chairman while Richards will focus on portfolio management and asset allocation. Horlick will retain […]


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