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Standard PMI push bolts on investment

Standard Life Healthcare, formerly Prime Health, is launching a new

private medical insurance product with an invest- ment bolt-on aimed at

attracting IFAs hit by the low margins of stakeholder pensions.

The company says its Choices PMI product will allow IFAs to help clients

to build their investment portfolios or introduce investment customers to


The new offering provides an optional investment gateway to Standard Life

Bank and Standard Life Investments, allowing customers to build up a health

fund to pay for the cost of treatment up to the product&#39s excess level. As

well as the investment element, SLHC says it will offer customers premiums

which it claims are up to 80 per cent lower than traditional pmi products.

The product also includes a high excess medical insurance policy plus a

treatment cost information service.

National sales manager Iain McMillan says: “One of the hopes is this will

drive more IFAs into a new market. With the impact of stakeholder, PMI will

provide advisers with a strong position for growth.”

Plan Invest Group director Michael Owen says: “If it expands the PMI

marketplace that is a good thing. It sounds a new and interesting concept.”


Formula for confusion as pension review delay drags on

Hundreds of IFAs have been left in limbo unable to close their pensionreview cases because a PIA loss-calculation blunder remains unresolved.The ABI-backed Pension Advisers Support Scheme, which assists IFAs throughthe review, has instructed 162 IFA firms to put their cases on hold sincethe FSA announced it would be amending the formula on calculating redress.IFAs face […]

Pools of thought

Last week, I considered some proposals directed at the use of non-residenttrusts to avoid or defer UK taxation.So what are the implications for trusts?Well, most of the provisions deal with avoidance of capital gains taxusing overseas structures, whether they are trusts or companies.For those investors who wish to achieve legitimate long-term taxmitigation on both income […]

Pass the portfolio with Autif and AITC courses

Autif and the AITC are joining forces to launch a course to help IFAsmanage investment portfolios.The course aims to enhance practical skills in planning, managing andmonitoring investment portfolios.A pilot course is being held on April 11 and there are plans to run aseries of courses from June across the UK.Autif says many IFAs have a […]

Budget Bill too long and complex

City accountants are accusing the Treasury of making the budget bill too long and too complex.The bill, published last Friday, runs to an enormous 557 pages, far surpassing the previous record holder, the 1996 budget, which was 460 pages long.The Institute of Chartered Accountants is embarking on a campaign to compel the Treasury to simplify […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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