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Sipp option withdrawn from Tomorrow’s closed book of policyholders

Swiss Re the administrator of Tomorrow’s closed book of pension policies is withdrawing the self-investment option from its deferred Sipps from January 1 2008.

Admin Re, the administrative arm of Swiss Re, has written to 15,000 customers and 4,000 IFAs informing them that there will be a three-month window where they can transfer to another provider without penalty.

All the life offices’ personal pensions and drawdowns are currently set up as deferred Sipps but the Sipp option will be removed at the beginning of next year.

The new business operations of Tomorrow will be transferred to LV= in December 2007 and LV=/Tomorrow stress that they will be remaining in the Sipp market.

Tomorrow product design manager Ray Chinn says: “We have a large closed book which will be remaining with Admin Re. The Sipp option on that book of business will be removed. But LV= and Tomorrow will be remaining in the market and will be offering an insured Sipp and a true Sipp.”


Lending to individuals in August lower than in July says Bank of England

The increase in total net lending to individuals in August at £9.5 bn was below the increase in July and below the previous six month average, according to latest statistics from the Bank of England.Both the twelve-month growth rate and the three-month annualised growth rate fell by 0.2 percentage points, to 9.9 per cent and […]

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The more observant among you might have guessed I was away last week.

Rise of the machines

Head of Sustainable Investing at Royal London Asset Management, Mike Fox, looks at the case for including artificial intelligence within a sustainable investment strategy. Read the article in full here The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get […]


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