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Scottish Life says individual Stakeholder schemes are unviable

Scottish Life says it is not economically viable for it to offer stakeholder pensions under the current constraints outlined in the Department of Social Security Consultation brief.

In its response to the brief the life office says: &#34At the maximum levels of charge and minimum premia outlined in the document, our calculations have led us to the conclusion that is will not be economic for us to distribute stakeholder pensions to individuals.&#34

It concludes that there are few reasons to be optimistic that stakeholder for individuals will ever be profitable for providers.

Scottish Life says to offer such schemes would involve &#39substantial cross-subsidy&#39 from existing policyholders and says its board would find it difficult to justify this cost.


IFST&#3999 conference announces programme

Organisers of the UK & European Insurance and Financial Services Conference & Exhibition have announced details of its two day conference.The IFST&#3999 conference to be held on September 29 and 30 will be at the Business Design Centre in Islington London.Among the subjects to be discussed are the future market place, maintaining and enhancing your […]

Opra publishes minimum funding guide

The Occupational Pensions Regulatory Authority has published a guide to the minimum funding requirements for pension scheme trustees.The booklet, &#39A guide to the minimum funding requirement – a summary for pension scheme trustees&#39 details the basic requirements for funding under the Pensions Act 1995.It aims to provide a basic understanding of the issues involved in […]

AITC makes marketing campaign appointments

The Association of Investment Trust Companies has made two marketing appointments following the acceptance of the &#34its&#34 marketing campaign by the industry.Craig Fabian will become campaign project director and Simon Arthur will take the role of marketing services manager.Fabian joins the AITC from Volvo Car UK where he was marketing director.Arthur, who will be responsible […]

Northern Rock increases interest rate for savers

Northern Rock is increasing the interest rate for new and existing investors in its limited issue savings accounts.The move which will take effect from July 24.The interest rate on its Save Direct Base Rate Tracker, a variable rate account will increase to 5.75 per cent gross for annual interest and to 5.45 per cent gross […]


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