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Revenue solves error over 88k pensions

More than 88,000 personal pension policyholders are to finally have their policies processed by the Inland Revenue, after it accidentally switched off a computer, leaving their contracted out rebates in limbo.

A server which receives data for personal pension applications and terminations from three providers was accidentally deactivated last year.

Since the error was spotted, the Revenue has been making the delayed payments and recoveries of age related rebates to the providers. In total 87,207 personal pension applications and 982 terminations have been affected by the delay.

It expects the process be completed by the end of February.


Nationwide scraps dual variable rate

Nationwide is scrapping its dual interest rate policy and moving all borrowers to its base mortgage rate after the Financial Ombudsman Service branded the system unfair.With effect from April 1, Nationwide is withdrawing its higher standard variable rate and switching borrowers with deals linked to the SVR to its base rate, which currently stands at […]

Egg challenges fund managers on charges

Fund managers must be able to demonstrate they provide a superior service if their annual charges are higher than rivals, according to Egg.The online provider wants fund managers to be more open about annual charges such as total expense ratios and to be able to justify them if they are more costly than other companies.Egg […]

Survey reveals only 10% know the Isa limit

Consumers are still in the dark about Isas, with only one in 10 knowing the annual limit for a maxi Isa, according to research carried out by stockbroker comdirect.More than half of the sample of 1,000 thought they knew the answer but were wrong.Even among holders of a maxi Isa, one-third do not know the […]

ABN Amro takes hassle out of choice

ABN Amro has aimed its portfolio management service at investors who want investment choice but who do not want to do the choosing themselves.The premier funds service offers a choice of five investment strategies: balanced, capital growth, conservative, international and ethical. The strategies then invest in a range of eight multi-manager funds created for the […]


MPAA consultation

By Fiona Tait, pensions specialist The chancellor’s announcement of proposed cuts to the Money Purchase Annual Allowance means it will be more important than ever to be able to tell your PCLS from your UFPLS What was in the statement? Not much. The chancellor spared three sentences to inform us that the Money Purchase Annual Allowance will be reduced […]


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