Virgin gets personal to PEP up pension plans
Article Abstract:
Virgin Direct, the insurance company, has offered to transfer savings from a PEP savings account into a Virgin Personal Pension free of charge. With the Government keen to get people to save towards their retirement customers transferring to a Virgin Personal Pension will reap up to 30% extra to the value of their savings. The admission by Virgin that it is encouraging customers to change accounts has sparked some controversy. Competitors are claiming that Virgin is acting superficially. Although there is some tax relief to be had by investing in a Personal Pension, there is no evidence to suggest that Virgin has any other motive at hand than offering the best advice and the best package for its customer. All of those customers who responded to the letter issued by Virgin informing them of the benefits to be had, were all given expert financial advice. The campaign in no way broke any regulatory criteria. No extra charges were made and advisers were not remunerated by commission. The Virgin proposition did however seem to favour a particular sort of investor over another; this group included single people, older investors, those with only a few years until retirement and those higher-rate taxpayers, who are expecting to be basic rate payers when they retire.
Comment:
Offered to transfer savings from a PEP savings account into a Virgin Personal Pension free of charge
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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Treasury's pension windfall
Article Abstract:
The UK government will gain half the GB 860mn pension fund surplus revealed on 30 June 1998 by British Coal Staff Superannuation Scheme (BCSSS) trustees, with the other half to go towards a 10.8% increase in 72,000 pensions. The announcement will put the UK government under renewed pressure to ensure that coalfield communities benefit from the surpluses. The miners' fund surplus was produced by Goldman Sachs, the BCSSS fund manager, and will mean that until 2000 at least the Treasury will receive an additional GB 140mn per year. BCSSS was created for managerial, supervisory or clerical staff at British Coal. The Department of Trade & Industry noted that the surplus covered liabilities and assurances which the government inherited when
Comment:
UK: Govt will gain half GBP860 mil pension fund surplus revealed on 6/30/98 by British Coal Staff Superannuation Scheme trustees
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
User Contributions:
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