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WP balance sheet &#39shows no cause for alarm&#39

Industry experts say Standard Life&#39s realistic with-profits balance sheet is in line with earlier estimates and shows no cause for alarm.

The company submitted its realistic balance sheet to the FSA last week, on the same day that it announced it intended to push for demutualisation. The figures show a realistic surplus of £4.6bn, more than twice the risk capital margin, with assets available above liabilities and capital requirements standing at £2.5bn.

Hargreaves Lansdown head of pensions research Tom McPhail says the realistic balance sheet figures are in line with those stated earlier in the year, showing that Standard has sufficient cash to meet liabilities, with some left over, and there are no immediate concerns about solvency.

Rating agency Standard & Poor&#39s says its ratings for Standard are unaffected by last week&#39s announcement.

Standard&#39s announcement has caused Liverpool Victoria to come out in support of mutuality. It says the business model is strong and viable if managed carefully and consistently.

Chief executive Malcolm Berryman says: “LivVic is financially strong and does not need to raise additional capital in the money markets. Our aim is to provide value to our members. We are successfully delivering this strategy and it is enhanced by our mutual status.”


Fowler calls for grants to aid pension victims

Lord Fowler is calling for the Government to offer a series of grants to the victims of pension scheme wind-ups. Speaking in the Lords last week, the former Tory party chairman called for positive action to address the problems facing 60,000 pensioners whose company schemes have folded. He reminded the Lords of the compensation awarded […]

Broker urges FSA to unlock its guidance over pensions

FSA guidance against unlocking pensions is becoming increasingly difficult to justify because of falling annuity rates and moribund performance in closed funds, according to a pensions expert. The annuity rate for a single 65-year-old today is around 6.5 per cent, significantly lower than the 6.7 per cent rate for a 60-year-old 18 months ago, so […]

Reid all about it

Mayor of London Ken Livingstone and Metropolitan Police Commissioner John Stevens recently told Londoners that the threat of a terrorist attack is closer than many may think. “It&#39s not a question of if but when.” The phrase should have been the stock response when clients asked whether Standard Life would ever demutualise. My attitude to […]

Wise Investment – Wise Active Growth

Type: Oeic fund of funds Aim: Growth by investing in collective investment funds Minimum investment: Lump sum £1,000 Investment split: 30% UK equity, 21% UK growth, 20% managed mix, 10% European equity, 10% UK equity income, 8% Japanese equity, 1% cash Isa link: Yes Pep transfers: Yes Charges Initial 4%, annual 1.65% Commission:Initial 3%, renewal […]


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