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Relief as Euro threat recedes

The threat to the UK&#39s tax-free lump sum on pensions has receded after a compromise on the EU pensions directive.

The European Parliament had called for the 25 per cent tax-free lump sum to be used for retirement income only, which would have effectively ended the tax break.

It has also agreed to water down the required benefits of its prototype pan-European pension. It had wanted to include life insurance benefits as an obligatory requirement of the EU-wide pension that life offices can offer across borders but the requirement has now been dropped.

The tax-free cash compromise was agreed after lobbying by UK bodies including the National Association of Pension Funds and the Engineering Employers&#39 Federation.

NAPF chief executive Christine Farnish says: “We are relieved to see the main threats to our established occupational pension system app-ear to have gone. However, we still have some concerns, especially over pension scheme funding measures.”

Britannic Retirement Solutions head of corporate affairs Jim Boyd says: “This will give a degree of comfort to the UK pension industry.”


Pru fined £750k for endowment misselling

Prudential has been fined £750,000 by the FSA for endowment misselling.The fine comes after subsidiary Scottish Amicable was found to have missold mortgage endowments between January and December 2000.The FSA says ScotAm advisers did not ensure that consumers had the right risk profile for investing in a product where the loan might not be paid […]

McDonald Glencross – McDonald Glencross Approved EIS Fund 4

Thursday, 13 March 2003 Aim: Growth by investing in unquoted companies Minimum investment: Lump sum £40,000 Opening/closing dates: March 3, 2003/April 30, 2003 Charges: Initial 5%, annual up to 2.5% Commission: Initial up to 3% Tel: 020 7229 0054

Gartmore strengthens investment team

Fund manager Gartmore has announced a series of appointments within its investment division, aimed at strengthening its senior team. Roger Bartley is to become global chief investment officer fixed income, adding this to his existing responsibilities as fixed income CIO in London. Young Chin has been appointed as global chief investment officer equities for Gartmore […]

FSA says thousands face losses on bonds

The FSA has admitted that tens of thousands of investors could be facing losses to their capital when dozens of index-linked structured products mature this year.Managing director Michael Foot, speaking to bankers at The Retail Banking Conference sponsored by The Economist in London last week, said that thousands of investors with bonds maturing in the […]


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