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Revenue increases retirement options on occupational schemes

The Inland Revenue has granted the deferred annuity and income drawdown facilities to Occupational Pension Schemes.

The new flexible pension options were announced on Tuesday.

Now occupational pension scheme holders will have the same retirement opportunities as their personal pension plan counterparts.

In a further move towards flexibility of occupational schemes the IR will allow the benefits from Additional Voluntary Contributions to be taken at any time between the ages of 50 and 75, regardless of whether the plan-holder has retired.

Economic secretary to the Treasury Patricia Hewitt says: &#34It is important that pension schemes should be able to adapt to changing employment patterns.

&#34These two changes to the tax approval rules are a move in that direction. They give people more control over how and when they will take the retirement income.&#34


BSA calls for tigher regulations for conversions

The Building Societies Association has called for the Treasury to tighten the regulations on demutualisation.The BSA wants conversion motions to be passed only if there is a 50 per cent turn out and a 75 per cent vote in favour from both savers and mortgage borrowrs.It made call in its evidence to the Treasury select […]

LIA announce 2000 conference details

The Life Insurance Association has announced the theme, venue and dates of its year 2000 International Annual Convention.Breaking with its traditional, the conference is set to be held in February instead of its usual spot in mid-April or early May.The event will also switch from Birmingham, where it has been held for the last five […]

Regional building societies set to merge

Nottingham Imperial Building Society is transferring its £56m of assets to Newcastle Building Society.Nottingham Imperial will transfer its assets in early 2000 to boost Newcastle&#39s assets to more than £2bn and its membership to around 260,000 members.Nottingham Imperial says it is merging with Newcastle in a bid to improve its customer services and increase the […]

Murdoch teams up with Softbank for on-line mortgages

The mortgage market is set for a massive shake-up following the launch of a £14m on-line mortgage broker.News Corporation owned by Rupert Murdoch is teaming-up with Japanese firm Softbank to launch a UK version of E-Loan, the largest on-line mortgage broker in the US.Both parties will invest £7m in the UK affiliate of E-Loan in […]


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