View more on these topics

ScotLife pledges WP clients will get windfalls

Scottish Life is hitting back against claims that its with-profits policyholders will not receive windfalls from its takeover by Royal London.

The life office insists that members will receive an automatic compensation of £500 for loss of membership rights and with-profits policyholders will get windfalls averag-ing £3,500.

It insists windfalls are not dependent on whether or not the policyholder is a member of the life office and believes this reassurance will quell IFAs&#39 concerns.

Ownership of a with-profits policy does not automatically confer membership of Scottish Life.

Many personal pension policies do not qualify but Scottish Life says these policyholders will get a windfall payment.

Scottish Life says it has already written to policyholders and IFAs with details of the proposed takeover.

Scottish Life head of communications Alasdair Buchanan says: “Anyone who has with-profits benefits in their Scottish Life policy may expect to receive extra benefits as a result of the proposed arrangement with Royal London. This applies whether or not they are a member of Scottish Life.”

Jonathan Smith & Partners proprietor Jonathan Smith says: “We would like to see that in writing because it is not clear to us at the moment.”


Market Harborough – 3-2-1 Discount Mortgage Flexible

Tuesday, 24th October 2000.Type: Discounted rate flexible mortgage.Discounted term: Three years.Discount: Year one &#45 3 per cent, year two &#45 2 per cent, year three &#45 1 percent.Payable rate: Year one &#45 4.49 per cent, year two &#45 5.49 per cent, year three &#45 6.49 per cent.Minimum loan: £30,000.Maximum loan: Up to 85 per cent […]

Pension show back on the road

Scottish Equitable is taking pensions direct to the IFAin another series of roadshows being held around the UK in November.The roadshows will provide IFAs with the latest pension news and give ideas on new business opportunities.Issues being covered include stakeholder and the new defined-contribution tax regime. State pensions, contracting out and pension sharing on divorce […]

Remortgage boom bucks trend as loans fallin autumn

Mortgage sales fell by £400m in September from the same month last year.Figures from the Council of Mortgage Lenders and the Department of Environment, Transport and the Regions reveal gross lending fell to £10bn from 10.4bn last year.Despite the general fall in lending, remortgages rocketed by £800m to £3.1bn from £2.3bn. House purchase loans fell […]

Pension office unhappy at oversight on transfer regs

Scottish Mutual says it is an oversight that DSS rebates cannot be used as a potential source of rebates for IPAs. Scot Mut says it is surprised at the omission in view of the Government’s intention to make the IPA available from April 2001.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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