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Prudential shuts final salary scheme for employees

Prudential is closing its final salary scheme to new members from next year in a bid to put a cap on spiralling pension costs.

Unions have criticised the closure, but Prudential says the new scheme will benefit members who want greater job mobility.

Prudential will allocate up to 12 per cent of basic pay for employees who pay in 6 per cent themselves into a defined contribution scheme.


Why FSA must address the transfer issue

I am writing with regard to a paper called To Switch Or Not To Switch, That Is The Question, by Isaac Alfon of the FSA&#39s economics of financial regulation team.The article quite rightly addresses the question as to why the introduction of stakeholder pensions has done little to persuade investors to switch away from plans […]

Poor&#39s enters Fof market in link-up with Schroders

Ratings agency Standard & Poor&#39s is entering the multi-manager market through an exclusive agreement with Schroders to offer IFAs and financial institutions a global funds of funds service.In a major departure from its core business, S&P is reass-essing funds that it has already rated to create a panel of recommended products for which Schroders will […]

Independent view

Have a look at the following email sent to me by one of our more vocal clients.I had just sent him his firm&#39s stakeholder pension designation certificate and got the following in return when I hinted we might try to encourage membership. Please believe me when I say this is word for word as he […]

£20m promotion for &#39plan from the Pru&#39

Prudential is spending£20m to promote its “plan from the Pru”, which marks a change in strategy for the firm, diversifying from its core business of with-profits and annuities.The return to a virtual “man from the Pru”, first revealed by Money Marketing four weeks ago, means the company is offering basic financial planning information on the […]


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