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Widows policyholders set for record payout

The Llodys TSB deal will see £0.8bn paid out to 1.6m eligible members with a further £4.9bn going out to 900,000 eligible with-profits members.

Lloyds TSB is also paying £1.5bn out over time as &#34policy holder benefits&#34. Widows has recently attracted criticism over the levels of bonus its with profits policies have been paying out.

Lloyds TSB already owns the primarily direct salesforce unit linked operator Abbey Life.

Speculation that Widows would do a deal leading to demutualisation has been rife over the past few months.

The windfalls are some of the biggest ever paid out by a mutual company and is bound to leave question marks hanging over the UK&#39s remaining mutual life offices including Equitable Life, Scottish Life, Royal London, National Mutual, Scottish Provident and even Standard Life.


Johnstone Douglas names new MD

Johnstone Douglas has Nigel Chambers as its new managing director.Chambers takes over the post with immediate effect replacing Doug Johnstone who becomes executive chairman. Mike Dwyer will continue in his role as deputy managing director.Chambers has been the driving force behind Chambers Townsend Consultancy, Johnstone Douglas&#39 pensions and administration technological systems provider.He was also formerly […]

Edinburgh Fund Managers appoints senior portfolio manager

Edinburgh Fund Managers has appointed Ken Wilson as senior portfolio manager in its private client team.Wilson joins the investment managers from IFA Alan Steel Asset Management where he was a director.EFM head of private clients Harry Morgan says: &#34Wilson will give us greater strength in marketing to IFAs and other professional firms. He has considerable […]

Portfolio Fund Management launches new property fund

Portfolio Fund Management has launched a new property fund which has an in-built liquidity mechanism allowing policyholders to easily encash their units.The Portfolio Property Fund&#39s investment objective is to achieve high and growing income with capital growth.Portfolio will invest 75 per cent of the fund in commercial property, while the remaining 25 per cent will […]

BFS Investments launches investment trust Isa

BFS Investments has launched an Isa specialising in investment trusts especially the split capital variety.The Isa provides a number of investment opportunities.It can provide an investment wrapper for shares of four split capital funds managed by BFS. These are the Geared Income Investment Trust, BFS Income & Growth, BFS Overseas Income & Growth and BFS […]


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