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Pension health warning

An increasing shift to money purchase pensions through stakeholder may leave many more people with very low incomes if ill health stops them working, according to Government actuaries.

Most final salary schemes provide some provision for early retirement on ground of ill health, while money purchase schemes leave individuals with only the money they have saved if they are incapacitated.

Fewer than 1m of the 13m people who are outside a final salary scheme have permanent health insurance.

Right-wing think tank Politeia member Chris Daykin says: “Few take out this cover because it seems rather expensive and most people are prepared to take a chance on it not happening to them.”


GPP squeeze on with-profits

Thousands of employers may be forced to abandon existing group personal pensions in favour of stakeholder if the Government excludes with-profit funds from its proposals.The life industry fears predictions of a GPP bonanza will prove unfounded as they are caught out by the fact the Government regards market value adjusters as an “exit penalty”.The Government&#39s […]

Small firm stakeholder warning

Financial adviser Grant Thornton is claiming small company workers left out of the stakeholder should act now to organise their future provisions.From April 2001 the stakeholder will have to be offered by companies with five whi employees or more.About 750,000 employees will be left to sort out their own financial affairs.GT has issued advice for […]

CGU with-profits pledge

CGU is promising to top-up any of its 600,000 with-profit endowment policyholders if they have shortfalls.The move follows consumer worries on the way endowments were sold and concerns the policies will not pay off policyholders mortgages.But the promise does not apply if the managers of the with-profit fund produced a growth of less than six […]

Final bid battle for NatWest

Bank of Scotland and Royal Bank of Scotland are set for a bidding show down in their last chance to win the takeover battle for National Westminster Bank.After midnight tonight neither bank will be able to up their bids.Experts predict both banks will bump up their cash offers, but any increases are expected to small. […]

UK gilts: Shaken and stirred

Mike Riddell, fixed income portfolio manager at Allianz Global Investors, reviews the performance of the UK government bonds market post-Brexit and assesses its future prospects, as well as giving his outlook for global fixed income markets and yields movements. In addition, he provides a brief analysis of the impact of Brexit and the Bank of […]


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