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Stakeholder pensions to have profound effect warns KPMG Consulting

The introduction of stakeholder pensions could have a profound effect on the insurance sector that is very different from its expectations, according KPMG Consulting.

The consultants carried out extensive research into who will be the winner and losers after the introduction of stakeholder. It found the winners are likely to be those companies who possess a positive attitude to change and are early in adapting their organisation to meet it.

KPMG Consulting&#39s head of retail insurance Brendan Meehan says: &#34Companies will need access to capital to invest in developing new competencies.

&#34Unfortunately, very few organisations are likely to be able to grow these capabilities incrementally from their existing organisation structures, systems or culture, a step change is required.

&#34Providers are facing a race to achieve the necessary economics and the four or five that are first to make the necessary changes will grab the market for new and existing portfolio&#39s.&#34


United Assurance appoints supplies and services director

United Assurance has appointed Alfonso Pacitti as its supplies and services director.His responsibilities include all aspects of the group&#39s procurement and outsourcing.Pacitti joins the life office from IBM UK where duties have included the design and delivery of outsourcing services for IBM&#39s insurance clients in the UK and the Netherlands.He will report to group insurance […]

NPI launches Portfolio Bond

NPI is launching a Portfolio Bond offering a range of ethical funds plus unit linked and with-profits investment options.The new bond which has no upfront charges, has an annual management charge of between 1 and 1.25 per cent.The investment options include with-profits, balanced protection, socially responsible and self selector portfolios.The minimum investment is £10,000 with […]

TMO teams up with United Assurance

The Mortgage Operation has teamed up with United Assurance to become its sole mortgage provider.TMO has recently been added to the panels of Friends Provident, Lincoln and Britannic Assurance.TMO&#39s head of corporate division David Shortt says: &#34Life companies as well as individual mortgage advisers now recognise the benefits of dealing with an organisation such as […]

Isa sales top £4bn in first two months

Isa sales have topped £4bn in their first two months according to figures from the Treasury.The figure represents twice the amount saved in Peps and Tessas over the same period last year.The statistics reveal that nearly three quarters of the Isa sales went into cash Isas totalling £3.095bn compared to stocks and shares Isas including […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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