View more on these topics

Payouts cut again by R&SA

Royal & Sun Alliance policyholders have been dealt ano-ther blow

with payouts on long-term savings plans slashed again, this time by

around 10 per cent.

The changes, effective from May 1, are the second change this year.

In January, R&SA made a 5 per cent cut which followed 15 per cent

reductions which were made last year.

Now a 25-year endowment policy with a monthly pre-mium of £50

will pay out £59,635 compared with£66,262 previously.

A 20-year individual pension plan for a male retiring at 65 with a

premium of £200 a month will now pay £126,472, compared

with £139, 988.

UK life PR manager Jay Aitken says: “You have got to look at annual

returns on longer-term policies. They are still competitive. The

25-year endowment still has an annual return of 9.7 per cent.”

Wentworth Rose managing director Philip Rose says: “I believe there

is little incentive for companies such as Royal & Sun Alliance

which have closed their books to new business, to maintain

competitive rates in the future and believe they will drift to the

bottom, which is a serious concern for policyholders.”


Sofa slams kite marks for pensions

Sofa has hit out against plans in the pensions Green paper to usekitemarks on pensions.A Catmark is already used to help consumers recognise simple savingsproducts but the Department for Work and Pensions wants to extendtheir use to pension products.Sofa believes that use of the proposed kitemark for pensions willhave little impact for consumers unless it […]

A message for the Pru&#39 – IFAs have long memories

The Prudential has just made its most expensive mistake since it madethe ludicrous decision to buy up estate agency chains at the end ofthe 80s – just after the property market peaked – and then to dumpthem all again at huge losses a few years later.If anybody from the Prudential&#39s dislocated and out-of-touch board ofdirectors […]

Captain Scarlett for new generation

MARGETTS FUND MANAGEMENT GERRY ANDERSON PRODUCTIONS Aim: Growth by investing in a new television series of Captain Scarlet Minimum investment: Lump sum £25,000 Opening/closing date: March 7, 2003/May 29, 2003 Charges: Initial 5.5%, annual up to 1.5% Commission: Initial 3%, renewal 0.25% Tel: 0121 236 2380 The panel: Ian Millward, Marketing director, RJ Temple, Jamie […]

FSA looks at probe into fund supermarket selection

The FSA is considering an investigation into fund supermarkets amidfears that advi-sers without adequate qualifications are using themto select funds on a discretionary basis.The regulator says it is concerned that investors are being movedinto unsuitable funds by advisers lacking the required Part IVpermission or the appropriate expertise. It fears this is happeningthroughout the lifetime of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm