Article Abstract:
Scottish Widows has paid GBu335mn to members who chose to receive their windfalls from the Lloyds TSB takeover in the form of loan notes, which they redeemed, wholly or partially, on the first possible redemption date, 31 March 2001. Over 67,000 members chose this method of receiving compensation and 49,000 who chose to redeem all or part of their holdings received the face value of the notes, plus interest. The next redemption date is 30 September 2001 and redemption instructions must be received by 31 August. The loan note system allowed members who thought the compensation might take them over the capital gains tax allowance to defer payment of the tax.
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Article Abstract:
Scottish Widows is first to publish its stakeholder pension details and will present both its own funds and those from other managers in a total of 17 investment funds to be offered from April 2001. A flexible structure of commission options is available for IFAs and a support pack including a guide to online stakeholder information and a CD-Rom will be available for advisers from January 2001. Charges for existing personal pensions, back as far as 1988, will be reduced to match stakeholder charges.
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Article Abstract:
Virgin Direct will offer its customers a stakeholder and personal pension product from 6 April 2001, current pension plan holders will be transferred to the new product automatically. The new plan will be offered as a Virgin Direct pension without specifying it as an individual pension account (IPA). Virgin Direct head of corporate affairs, Martin Campbell claim it is not necessary to market the product as an IPA because so few customers know about stakeholder.
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