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Pension experts recommend caution over annuity purchases

Pension experts are warning pension savers to sit tight and carefully examine their options, before taking any investment decisions.

It warns those policyholders about to take benefits should consider deferring their annuity purchase through income drawdown and that the effect of tragedies are an extraordinary example of why compulsory annuity purchase at age 75 needs to be reviewed.

Legal & General pensions marketing manager Andy Agar says: “For those saving for retirement the message is sit tight and don&#39t make any hasty decisions. For those who have no choice but to buy an annuity in the next couple of months, this unfortunately illustrates why the age 75 rule needs looking at.”


F&C modifies with-profits concept

Foreign & Colonial is introducing a new breed of with-profits fund promising no cross-subsidy and a clear and transparent charging structure. The F&C with-prospects fund, which is set for launch next month subject to FSA approval, will be contained within an Oeic structure and will invest 60 per cent in global equities and 40 per […]

ScotLife scoops rival&#39s staff for protection bid

Scottish Life has confirmed it is setting up a stand-alone protection business led by former Scottish Provident head of marketing and business development David Robinson. In a move first reported by Money Marketing, former ScotProv head of product marketing Roger Edwards is also joining the team in a similar role. Edwards was a key figure […]

Premier takes trustee show on the road

Premier Portfolio Managers is running a series of roadshows about recent Government changes to the Trustee Investment Act, which it says provide a solid business opportunity for IFAs. Due to the updates to the Act last year, trustees are now obliged to take a more active interest in the value of the trust. The fund […]

ScotProv cuts rates as protection war looms

Scottish Provident has cut premiums as it prepares to fight off competition from Scottish Life&#39s new protection business. The move comes after several key staff left ScotProv to join its new rival. ScotLife last week confirmed it is launching a standalone protection business, naming an executive team of six people, all former ScotProv employees. They […]

HMRC helping to remove artificial gains

An investment bond offers investors certain tax advantages, one of which is the ability to take partial surrenders from the investment. This facility allows the policyholder to withdraw amounts up to 5% of the amount invested each policy year on a tax deferred basis, without incurring any immediate tax liability. This tax deferred allowance can […]


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