Standard Life cuts final bonuses
by Gill Montia
Story link: Standard Life cuts final bonuses
Standard Life has become the latest insurer to announce cuts in its final bonus payments on with-profits policies.
Around two million customers could be affected by reductions of between 9% and 13%.
In the case of a 25-year £50-a-month mortgage endowment policy, the maturity value will fall to £32,932 from £34,701 prior to the cut; the maturity […]
Standard Life appointed HSBC Group SIPP provider
by Gill Montia
Story link: Standard Life appointed HSBC Group SIPP provider
Standard Life has been appointed by HSBC to provide a Group self-investment personal pension (SIPP) plan for employees who want to transfer maturing HSBC Share Reward Plans into a pension.
The new Group SIPP complements HSBC’s existing defined benefit and defined contribution schemes and is available to all participants in UK HSBC share plans.
The group’s Sharesave […]
Standard Life seeks claimants for shares and cash
by Gill Montia
Story link: Standard Life seeks claimants for shares and cash
Standard Life is in the process of tracking down 200,000 individuals who can lay claim to part the £184 million in shares and cash that has remained unclaimed since the life and pensions provider was demutualised.
Solicitors Georgeson has been appointed to help with the search and is raising interest by reporting that one person […]
Standard Life adds BlackRock to insured funds
by Gill Montia
Story link: Standard Life adds BlackRock to insured funds
Standard Life has announced that it has added BlackRock’s UK Absolute Alpha fund to its insured product range.
The fund, which is specially designed to give investors a positive absolute return in all market conditions, has been available from 5th August within the FundsNetwork Investment Bond.
Managed by Mark Lyttleton and with £1,301.4 million in assets under […]
85% of Standard Life endowment policyholders face shortfall
by Gill Montia
Story link: 85% of Standard Life endowment policyholders face shortfall
Standard Life has warned that 85% of its endowment policyholders are on red alert, meaning that they are facing a significant shortfall in policy maturity values.
A further 8% are facing some degree of shortfall, albeit not significant, leaving only 7% of endowment policyholders likely to collect sufficient funds to pay off their mortgages.
The company plans […]
Ex-finance director costs Standard Life £1.3m
by Gill Montia
Story link: Ex-finance director costs Standard Life £1.3m
Standard Life has paid over £1.3 million to settle a legal dispute with its former finance director, Alison Reed.
Ms Reed left her post last year after working for the insurer for two years.
According to the company’s annual report and accounts, she collected an agreed payment of £1,135,000, which included £97,500 towards her legal fees.
In 2005 […]
Standard Life posts 43% profit rise
by Gill Montia
Story link: Standard Life posts 43% profit rise
Standard Life surprised analysts by recording a 43% rise in operating profit in 2007.
The insurer secured new business in high margin products while at the same time lowering costs.
Underlying pre-tax profit rose 32%, to £714 million, despite investors withdrawing £249 million from policies that had not reached their maturity dates.
In reporting the results, Standard Life […]
Pension planning needed beyond property ownership
by Gill Montia
Story link: Pension planning needed beyond property ownership
Standard Life is suggesting that Britons relying on equity released from their homes to provide a retirement income should check their calculations.
Research undertaken by the insurer suggests that it might not provide the kind of retirement income many expect, with even large sums secured from downsizing delivering only a very small weekly return.
For example, downsizing […]
Standard Life transfers £6.7bn in assets to Canada Life
by Gill Montia
Story link: Standard Life transfers £6.7bn in assets to Canada Life
Standard Life has transferred £6.7 billion worth of the assets that back its annuities, to Canada Life International Reinsurance.
The insurer has been keen to point out that this will make no difference to investors, who will remain customers of Standard Life.
The transfer means that Standard Life no longer carries the risk that its customers may […]
Standard Life’s ethical funds shun airlines
by Gill Montia
Story link: Standard Life’s ethical funds shun airlines
Standard Life Investments has announced that it will no longer include airline stocks in its ethical funds.
After surveying its investors, the fund manager found that 30% opted for a complete exclusion of airline stocks in ethical products.
An option of investing only in airlines that are working to reduce their impact on the environment did not […]
Standard Life Reports Slowdown
by Stewart Douglas
Story link: Standard Life Reports Slowdown
Insurer Standard Life has today announced a slowdown in top line revenues over the last quarter of 2007, despite the fact that the group reported an increase of 15% in its domestic pensions and life businesses over the course of last year, in light of difficult market conditions and growing competition.
Over the last quarter, however, […]
Standard Life improves mortgage endowment payouts
by Gill Montia
Story link: Standard Life improves mortgage endowment payouts
Standard Life has reported that at least 45% of its 63,000 mortgage endowment policyholders, whose policies mature during 2008, will not be facing a shortfall.
In fact, the percentage could be higher because the company’s current projections do not take account of top-up payments under its “mortgage endowment promise”.
The figure is a huge improvement on 2007, […]
JC Flowers in Friends Provident bid
by Gill Montia
Story link: JC Flowers in Friends Provident bid
JC Flowers & Co, the US private equity firm, is considering a takeover of Friends Provident, having acquired just under 3% of the company.
Friends Provident, which is the UK’s fourth largest life insurer, is currently undertaking a strategic review instigated by the collapsed of its plans to merge with Resolution Life.
The review will be completed […]
Pearl and Resolution agree takeover terms
by Gill Montia
Story link: Pearl and Resolution agree takeover terms
Pearl Group and Resolution have agreed the terms of a takeover that will create a combined group with assets of £85 billion.
The management boards of both closed life fund managers have formally consented to the terms of the Pearl bid, under which Resolution shareholders will receive 720p per share.
The agreement values Resolution at approximately […]
Pearl poised for success in Resolution takeover
by Gill Montia
Story link: Pearl poised for success in Resolution takeover
Pearl Assurance is expected to be successful in its £5 billion bid for Resolution, the closed-fund consolidator.
A takeover battle with Standard Life drew to a close over the weekend, when the latter unexpectedly conceded defeat.
Standard Life decided not to raise its cash-and-shares offer, which was worth less than the Pearl bid.
The insurer reported […]
Standard Life customers at risk of identity fraud
by Gill Montia
Story link: Standard Life customers at risk of identity fraud
Standard Life is warning its customers that they could become vicitms of identity fraud.
Personal details of around 15,000 Standard Life clients have been lost by HM Revenue & Customs (HMRC).
The incident occurred when a CD containing the data was sent from HMRC’s Newcastle office to Standard Life’s headquarters in Edinburgh.
The file, which contains names, national […]
Standard Life and Pearl battle for Resolution
by Gill Montia
Story link: Standard Life and Pearl battle for Resolution
The battle for ownership of Resolution, the closed life funds consolidator, has entered a new phase, with Standard Life accusing Pearl Group of making “self-serving and potentially misleading” statements about its £4.9 billion cash-and-shares offer for Resolution.
A warning shot from Standard Life described Pearl’s tactics as “looking increasingly desperate” and its comments as “verging on […]
Standard Life rapped by Resolution Takeover Panel
by Gill Montia
Story link: Standard Life rapped by Resolution Takeover Panel
Standard Life has been reprimanded by the Takeover Panel for suggesting that it might increase its bid for Resolution, the closed life funds consolidator, and failing to do so.
The panel has ruled that Standard Life is in breach of the Takeover Code, after the company announced that it may change the structure of its offer.
Such […]
Pearl increases Resolution holding
by Gill Montia
Story link: Pearl increases Resolution holding
Following Standard Life’s £4.9 billion bid for Resolution at the end of last week, Pearl, Resolutions largest shareholder, increased its stake in the company from 16.5% to 24.18%.
Last Friday, Resolution announced that it had agreed to Standard Life’s cash and shares bid, but within the hour Pearl returned with a revised bid and at the […]
Resolution considers £5 billion Standard Life bid
by Gill Montia
Story link: Resolution considers £5 billion Standard Life bid
Resolution, the closed life fund manger, is today considering a £5 billion conditional offer for the company, from Standard Life.
If accepted, the cash and shares bid will bring an end to existing proposals for a merger between Resolution and Friends Provident.
The Standard Life offer was made yesterday, only hours before the deadline set by the […]
