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Unsecured deals on ration, says Jacobs

Pension adviser Richard Jacobs has accused Axa of operating a rationing system when offering unsecured pensions to clients with protected rights money.

Jacobs, director of Richard Jacobs Pension and Trustee Services, says Axa is the last leading insurer not to offer income drawdown for protected rights cash to all customers.

He says: “We are now approaching two years and Axa Sun Life still does not have this product available, regardless of its many promises.

“What is even more obnoxious is the fact that it will offer USPs to those protected clients that suit them. This selection is totally unacceptable in an open marketplace.”

Axa head of wealth management proposition Kevin Dicks says: “Axa currently markets two USP products. The personal pension retirement solutions product does not include protected rights drawdown and has never been marketed as such. Our new offering, not yet fully released to market, will be a feature of the Axa Sipp scheme and will include protected rights drawdown. This product is not universally available to market as Axa is still finalising product details.”


Ex-Britannic chief joins Rock board

Former Britannic Group and Resolution chief executive Paul Thompson has been appointed to the board of Northern Rock as non-executive director.

Partial sighted

I have mentioned this before in a previous Money Marketing column so I will not bore you with the story again but a very good friend of mine recently had cause to thank his lucky stars that he had taken out critical-illness insurance a few years earlier.

A shaw thing

Sam Shaw is a reporter on Money MarketingHaving just about persuaded Sumus chairman Paul Bradshaw not to pimp me as the wife-to-be of a certain mutual friend of ours (I think…), I wound up whisky-ing into the early hours of Saturday morning following the Falcon conference, with my partners in booze being none other than […]

Pension providers must improve service, says Prudential Retirement Income Panel

Pension providers must improve their levels of service to annuities customers and focus on speeding up fund transfer times, says the Prudential Retirement Income Panel.The panel of retirement and pensions savings experts say providers also need to look at how they explain annuity options to consumers who are approaching retirement.Association of British Insurers assistant director […]


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