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Scots cash will lower LTC rates

The Scottish Executive will pay for both personal and nursing care, with people living in care homes getting up to £155 a week towards costs.

Product providers say the move will not end the need for long-term care insurance in Scotland but premiums will be more affordable.

Residents in care homes will get a flat rate of £65 a week towards nursing care and up to £90 a week for personal care. This is between £45 and £120 a week extra than in England.

Scottish Executive First Minister Henry McLeish announced proposals to fund both types of care in January and commissioned the care development group to look into feasibility of the plans. The group told the executive the plans are feasible.

Age Concern Financial Partnerships technical manager Chris Ellicott says: “There will be a lot more people who can afford insurance premiums.”


Inter-Alliance reports £2.1m loss

National IFA Inter-Alliance has reported a loss of £2.1m for the six months ending June 30, a sharp fall from a profit of £0.7m in the same period last year.The IFA says the loss, which excludes the cost of integrating recruits from the Lincoln and Pru sales force, is due to substantial investment in its […]

Sagitta produces cure for a hedge headache

Sagitta Asset Management has come up with an aspirin for the hedge fund market with the introduction of the salix fund.Salix, which is named after the willow tree that provides the chemical for aspirin, is a hedge fund aimed at the high-net-worth investor who is looking for growth.The fund will invest in different areas of […]

Service will analyse tax-efficient investments

Venture Capital Trust pundit Martin Churchill is to launch a new service for IFAs, providing news and analysis on the tax efficient investment market.The service, to be called The Tax Efficient Review, will be launched at the end of September although its website is already live at www.taxefficientreview.comChurchill, who until recently ran IFA Allenbridge&#39s Tax […]

12% MVA as bonuses cut

Sun Alliance & London, the subsidiary of Royal & Sun Alliance facing rocketing guaranteed annuity liabilities, has slashed terminal bonuses for the second time this year.Maturity payouts on with-profits policies will be cut by up to 5 per cent although it expects an average 3 per cent cut.Money Marketing recently revealed R&SA&#39s guaranteed annuity liabilities […]


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