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Scottish Widows banks on blue chips

Scottish Widows has introduced the fourth series of its income and growth plan.

This single premium investment bond is also available as an individual savings account (Isa) and a personal equity plan (Pep) transfer.

It is linked to a basket of 30 blue chip stocks from the FTSE 100 index by investing in Waverley stockmarket growth, a closed-ended fund listed on the Irish stock exchange.

Investors can choose from three options that are offered over a term of three years and one month.

Investors looking for income can take three annual payments of 9.75 per cent or twelve quarterly payments of 2.3 per cent. A growth option that offers a single payment of 30 per cent at the end of the term is also available.

Whatever option is chosen, investors are guaranteed the return of their original capital at the end of the term providing the value of any of the 30 stocks does not fall by more than 33 per cent during the investment period.

If this happens and they do not recover by the end of the term, this puts the investor&#39s capital at risk.

Some investors may be drawn to this product because the stockmarket could rise in the next five years, but others might be put off by the risk of capital erosion. The FTSE 100 rose from 6002.03 points on April 16, 1998 to 5884.03 points on May 16, 2001.


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