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Winterthur pension business booming

Winterthur Life is bullish on the life and pension market after seeing a 48 per cent surge in new insured pension business in the second quarter.

Overall new pension business was up by 40 per cent in the first half of this year to 79.2m from 56.6m in 2004 on an APE basis.

Single-premium personal pension sales rose by by 37 per cent to 146m from 107m and single premium executive personal pension business was up by 58 per cent to 33.4m from 21m.

Regular-premium business was up by 36 per cent to 30.5m from 22.3m with regular-premium defined contribution business nearly doubling to 13.4m from 7m.

Chief executive Mike Kellard says improving the adviser service proposition is another catalyst to growth, pointing to online personal pensions valuations and switching. He says: “Confidence is growing in the market and companies which are ready for A-Day are already benefiting from the renewed interest that pension simp- lification will bring.”


Ethical investment hits 10bn mark

Ethical investments broke the 10bn barrier for the first time last year, according to Co-operative Financial Services. It says 10.6bn was placed in ethical investments or deposited with ethical banks and credit unions during 2004. A total of 5.5bn was invested in ethically screened funds while 5.1bn was deposited in ethical banks and credit unions. […]

12Bn knocked off pension deficits in July

July’s surge in equity markets and bond yields saw a fifth wiped off the pension deficits of FTSE 100 companies. This is the biggest reduct- ion in a single month since October 2003. It resulted in 12bn being cut from blue-chip pension deficits, leaving a 55bn funding gap. However, the aggregate fall in FTSE 100 […]

Govt closing loophole to prevent 45% tax-free cash

The Government has moved to close a loophole which could have allowed pensioners to almost double their tax-free cash after A-Day. Under the 2004 Finance Act, people taking benefits in a form known as a scheme pension would have been entitled to up to 45 per cent tax-free cash, rather than the usual 25 per […]


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