Goy Harris Cartwright (GHC) is the latest player to enter the structured product market with the lau...
Goy Harris Cartwright (GHC) is the latest player to enter the structured product market with the launch of the Defensive Equity Growth Plan.
The five-year product is linked to the FTSE 100 index and offers a minimum return of 125% of the original sum invested as long as the FTSE 100 never drops by 50% of its starting level. Investors will receive any upside on the FTSE 100 up to a 65% increase. If the downside is triggered by a 50% drop, investors are still able to participate in the upside of the FTSE 100 up to 65% but the 25% minimum is no longer payable.
Paul Harris, chief executive at GHC, said the product is similar to the recently launched National Savings Guaranteed Equity Bond, but has the advantage of a fixed upside irrespective of growth and a different tax regime. He said: 'This product is taxed through capital gains rather than income tax and can be invested under a Sipp or Ssas unlike the National Savings Product.'
A commission of 3% is payable on the product which can be invested in a Pep or Isa. Minimum investment is £3,000 The closing date for investments is 20 June 2003 and the final payment will be calculated on the basis of the average closing value of the FTSE 100 from 5 June to 4 July 2008.
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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