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Revenue ARRs hit as Eric idles

Revenue & Customs is overdue in paying several hundred millions of pounds in age-rel-ated rebates to pension prov-iders after being hit by comp-uter problems. The Revenue has warned the Society of Pension Consultants that the problem will not be solved overnight and only expects to have paid 60-70 per cent of overall ARRs due by November 1. Previous Revenue statements put this figure nearer 80 per cent.

SPC company secretary John Mortimer says that while it hopes the problems are solved quickly, the overriding pri- ority is to ensure that the Revenue’s systems are integrated well so as to produce correct payments.

The SPC is set to meet the Revenue in mid-September for an update on its progress.

Scottish Life group communications director Alasdair Buchanan says: “We certainly know that the payment of rebates has been dramatically slower over the year to date and it sounds as if this is set to continue for some time.”


Singing a song

You know it’s August when the press releases become increasingly tedious or amusing, scraping the bottom of the proverbial barrel. This week’s winner arrives courtesy of Polhill client Clerical Medical, informing us that the most popular pop song about money was, indeed, Abba’s Money, Money, Money. The top 10 has two entrants by The Beatles, […]

Boulger forecasts lifetime loan remortgaging

Remortgaging in the lifetime mortgage market will become as prevalent as in the residential market, says John Charcol senior technical manager Ray Boulger.Speaking at a GE Life round table in London, Boulger said flexible features will grow as more providers compete and spur interest in remortgaging which he expects will become evident within the next […]

TV quiz show host gets down to Earth

TV quiz show host Nick Han- cock is joining Earth Mort- gages as sales and market- ing director. Hancock, long-time host of sporting quiz show They Think It’s All Over, has joined the mortgage intermediary firm after meeting its directors earlier this year through a mutual friend. Earth chief executive and managing director Mike Worthington […]

Argonaut secures multi-manager backing as it grows 21% in quarter

Barry Norris and Oliver Russ have grown Britannic’s Argonaut European alpha fund by 21 per cent in their first three months and plan a November launch for their equity income product. Since joining Britannic from Neptune in May, the pair have kept the fund 7 per cent ahead of the MSCI European index and won […]

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What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


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