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Skandia Life revises critical illness definitions but not literature

Skandia Life has announced it will not update its current critical illness literature containing defunct illness definitions until September.

The announcement follows the introduction of standard industrywide definitions by the Association of British Insurers

Skandia has confirmed it will adhere to the new ABI definitions despite its literature continuing to carry its previous definitions.

But the life office has assured IFAs and policyholders that in an event of a claim it will allow the claimant to use the most lenient of the concurrent definitions.

Skandia life marketing manager Lynda Cox says: &#34We totally support this major step by the industry to make critical illness cover a transparent and comprehensive product.

&#34We will be running down existing stocks of literature reprinting using the new standard definitions probably during September.&#34


Employer&#39s contribution needed for GPPs to qualify as stakeholder says Scotlife

Scottish Life has called for employer contributions to group personal pension schemes to be compulsory in order for them to qualify for stakeholder status.In its response to the latest consultation brief on stakeholder pensions the life office welcomed the Government&#39s concession that GPPs may be allowed to be re-classified as stakeholder schemes.But it called on […]

London York announces new appointment

Specialist pensions IFAs London York Fund Managers has appointed Dorothy Wheeler to its pensions team.Wheeler who joins the firm as senior pensions specialist, has 30 years experience in the industry. Her main areas of expertise are employee benefits and self-administered pension schemes.London York pensions director Richard Byfield says: &#34Wheeler brings to the team extensive experience […]

Norwich Union produces explanatory Isa video

Norwich Union is aiming to tackle consumer ignorance over Isas by producing a free explanatory video.The free video entitled &#34The Isa Age&#39 will attempt to provide a set-by-step guide to Isa investment options and charges.NU Investment Funds director of sales and marketing Mark Skinner says: &#34The lack of understanding is highly alarming, investors are being […]

The Money Store sold for £325m to Cabot Square Capital

Cabot Square Capital the private equity house is splashing out £325m to buy The Money Store.The London-based house moved in to snap-up the sub-prime lender after buy-out talks between The Money Store and its arch rival Kensington Mortgage Company collapsed in June.The Money Store which is valued at £425m was put-up for sale in May […]


Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.


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