View more on these topics

R&SA makes emergency cuts to annual bonus

Royal & Sun Alliance has made emergency cuts to annual bonus rates on its unitised with-profits by 1 per cent and payouts on its conventional with-profits by 10 per cent.

Cutting annual bonuses mid year is very unusual – in 2000 Equitable Life cut its annual bonus altogether and is unlikely to reinstate it.

R&SA UK Life public relations manager Jay Aitken says: “It really reflects the difficult market conditions. It is important that bonus rates reflect the low inflation, low interest environment.

“We are not cutting terminal bonus on unitised with-profits. Cutting annual bonus gives us more flexibility as annual bonus has to be reserved for.”

Recommended

Regulation reunited

At the start of a brand new term for the mortgage industry, the FSA is sending mortgage advisers back to school to sit or retake professional exams. The proposals are FSA chairman Howard Davies&#3984th directive this year and form part of the Government&#39s plan to regulate lenders and mortgage advice from mid-2004. As many as […]

Future Mortgages calls for MIG review

Sub-prime lender Future Mortgages is urging the industry to review the use of mortgage indemnity guarantees.Sales & marketing director Brian Pitt says many first-time buyers are falling into higher loan to value bands which effectively force them into making large MIG payments.He wants the industry to review this process, which he says is inappropriate as […]

Product matters

Scottish Life International&#39s select income and growth bond gives two options, one for the more aggressive investor and one for the more cautious. Both are linked to the FTSE 100, S&P 500 and Eurostoxx 50 indices. The aggressive option guarantees a 10 per cent gross annual income, 2.4 per cent quarterly income or 32 per […]

Skipton launches two-year fix rate mortgage

Skipton Building Society has launched a new two-year fixed rate mortgage with a rate of 3.99 per cent until November 30 2004. It offers 0.30 per cent discount off the variable rate, currently 5.70 per cent, in years three and four, and 0.50 per cent off the variable rate from year five onwards. It is […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com