Pension opt-outs 'not mis-sold' - Published:07/12/07
There is no evidence of extensive mis-selling of policies used to opt out of the State Second retirement fund (S2P), says the Financial Services Authority (FSA)Since early 2005, the watchdog has been investigating the sale of these polices, recognized as Appropriate individual Pensions (APPs)That year it concluded that many of the "contracted-out" savers had made the incorrect decision to buy an APPThe opportunity for populace to leave the S2P, and its precursor Serps, was a flagship policy of the Conservative government in the not on time 1980s and early 1990s, which wanted to encourage private retirement fund savingIn exchange for opting out of the S2P, the government pays part of a person's nationwide Insurance (NI) aid into an APP, which is then invested to build up a bump sum for retirementOf the eight million APPs sold since they were first made available in 1988, about 120,000 (15%) were bought by populace who, in theory, should have been too old to benefitHowever, the FSA has concluded that even though some of them may have been wrongly advised to choose out of the S2P, they may still have had valid reasons for responsibility so"Some consumers may have wanted the alternative to leave their pension savings to their dependants if they died before retirement," said the FSAThe FSA is correct to look at this issue firm by firm through the normal and effective decision-making process"Or they may have preferred manage over their investments rather than relying on administration pension policy""Individual companies themselves set 'pivotal ages' as a guide for customers and advisers on whether people would advantage from contracting out," said Stephen Haddrill, the ABI's manager general"The FSA is right to seem at this issue firm by firm through the usual and effective supervisory process," he addedIn imposing 2005 the FSA itself warned that "contracted-out" savers were likely to take delivery of £4 a week less in pension than someone who had never opted outLater that day, the country's biggest cover company, the Prudential, wrote to 440,000 customers with APPs, advising them to opt back into the S2PIt warned that their NI rebates were no longer large enough to compensate for the investment danger they were taking on by holding a private pensionThe latest recommendation to the FSA from its own outside consultants is that since 2005, the relative position of APPs has improvedBut those big savers who contracted out are still looking at a possible shortfall of £7 a weekThe FSA will be publishing a direct later in May for those who still feel they may have been mis-sold an APPAnnuity improvement Women 1 Women 2 Pension rights Divorce labor pensions Lump sums Pension Credit Frozen pensions Shortfalls abroad pension Small pensions Tax and pensions Pension repair Made simpleState pension With-profits Final salary cash purchase Annuities Serps State.
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Less Britons find a remortgage, figures reveal - Published:21/11/06
Levels of remortgaging are at their lowest in five natural life, data made available by the Council of Mortgage Lenders has exposedEquity release mortgages accounted for 30 per cent of the market's total worth in September, which is down from 42 per cent in the same month last year and the lowest since August 2001The Council of Mortgage Lenders claims that this trend represents the efforts providers have made to proffer more good-looking deals, thereby reducing the temptation to find a remortgage as well, the third-quarter figures for remortgaging are also down from 2005, from 39 to 31 per cent of the marketplaceMichael Coogan, director general of the Council of Mortgage Lenders, commented: "The descending trends in remortgaging illustrate how lenders are reacting to competitive circumstances and offering attractive retention products and policies to their customers"However, these info contradict research from August, in which Prudential claimed that the equity release mortgage marketplace is increasing annualToday's Most Popular Results Mortgage Enquiry Form Need Life Insurance ------ Mortgages - Information Mortgages - Home ------ Financial Services - HomeNone of the in order on this website is intended to promote any exact mortgage product or provide mortgage advice Mortgagescouk is a non-regulated trading name of Financial Services Net Ltd[Terms & Conditions]more sites:car cover| home cover |.
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Britons losing all perspective says risk survey - Published:25/10/06
Britons are in danger of behind their perspective claims the Prudential's National Risk Report, worrying about belongings outside their control rather than matters shut to homeThe average UK citizen is more concerned about bird influenza, terrorists and superbugs, all statistically unlikely to affect them, than they are about managing their money"An age of fear is gripping the country and it is entirely illogical," said Paul Cowman, head of protection at Prudential"You're far more likely to lose your job and move violently with debts than be a victim of violence or superbugs"Many people are focusing on unlikely proceedings but not worrying about how they would meet the payments on their mortgage if they were to become seriously ill or lose their work"Those without sleeping nights would be far better spent organising your finances and ensuring that you are paying the most excellent rate rather than worrying about worldwide disaster, he addedAlmost two fifths of respondents supposed that they were concerned about terrorist attacks and around a fifth said that they were worried by bird influenza and superbugsJust ten percent of people said that they were worried about personal debt and bankruptcy and now one in eight was concerned about their job security, howeverMoneyExpert Limited is authorised and regulated by the Financial Services power (FSA Registration No 301654) The Financial military Authority does not regulate some forms of mortgage contract, credit cards, personal loans, present.
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Britons Losing All Perspective Says Risk Survey >>
