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The principle of default funds

In response to Chris Beller&#39s letter (Money Marketing, August 2), the principle behind the legislation with regard to stakeholder default funds is that members should not be forced to make their own decision about investment options.

The legislation does not require that each listed fund at scheme level is linked to a specific defined situation in which it would apply – as stated above, the legislation only requires that members are not forced to make their own investment decisions.

To comply with regulation 3(3), Opra requires stakeholder providers, on registration, to list a fund or funds into which members&#39 contributions could be invested if they did not wish to make a choice. The provider is free to add further default investment options later.

Nick Edmans

Communications manager, Opra, Brighton


NU Healthcare passes 3/4 million PMI customer milestone

Norwich Union Healthcare is celebrating a milestone as it announces it has reached 750,000 customers with private medical insurance or income protection cover. The provider says the growth is due to continuing success in the group market, successful targeting of first-time buyers of PMI and added support for IFAs. NUHC has 619,000 PMI policyholders and […]

Smelling a rat

The Diary has noticed that the FSA is sniffing around exterminator Rentokil, asking questions about it buying back 15 million shares shortly before an upbeat trading announcement. It may be a wee bit harsh to say it takes one to know one but, really, who better to look into suspicious dealings at a pest controller […]

Women unaware of pension age change

Financial advice site Need An says its latest research shows 94 per cent of women are not aware that the age at which they become eligible for their basic state pension has changed.Most were unaware if they were born on or after March 6, 1955, they will officially retire when they are 65 and […]

Scottish Equitable – Extra Income Fund

Friday, 7 September 2001.Type: Unit-linked fund.Aim: Growth, income by investing in corporate bonds.Minimum investment: £5,000.Investment split: 40 per cent medium-dated corporate bonds, 32 per cent long-dated corporate bonds, 28 per cent short-dated corporate bonds.Charges: Choice of initial 3.75 per cent, annual 1 per cent, initial 0.85 per cent of investment a year for five years, […]

India correction: a terrific entry point?

By Kunal Desai, head of Indian Equities, Neptune A key concern for investors who were looking at India afresh has been the rich valuations and strong prior performance. We view the correction in the market through short-term growth concerns from demonetisation as a terrific entry point for the long-term investor. Investors should not be overly concerned […]


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