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Tories pledge 5-year ‘tax lock’

The Conservatives will introduce a five-year “tax lock” on income tax, VAT and national insurance if they win the general election. Prime minister David Cameron is to pledge legislation within 100 days of assuming office to ensure the taxes do not rise in the next Parliament, the BBC reports. Cameron will say: “This is the clearest choice […]

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Zurich transfers annuity book to Rothesay Life

Zurich UK Life is to transfer its legacy portfolio of £1.2bn of annuities to specialist insurer Rothesay Life for an undisclosed fee. Under part seven transfer rules the transfer, of around 28,000 policies, is subject to a review process by regulators and courts before it can complete. Zurich has not actively promoted annuity sales since […]

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Pensions governance committees ‘retirement homes’ for industry veterans

Consumer champions have branded the new Independent Governance Committees for contract-based schemes “retirement homes for financial services executives, actuaries and investment bankers”. But providers have hit back, claiming the committees provide greater consumer protection than trust-based schemes. The requirement for governance committees to be established for auto-enrolment schemes was introduced following the Office of Fair […]

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Aegon UK managing director David Macmillan to exit

Aegon UK managing director David Macmillan is set to leave his role in the summer to join the firm’s US business, Money Marketing can reveal. Macmillan, who is also chief marketing officer at the provider, will join Transamerica later this year to become chief customer experience officer. An Aegon spokesman says: “David Macmillan has been promoted to […]

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