STANDARD LIFE'S members will for the first time be given the chance to decide what the board of directors' remuneration should be, says this morning's Scotsman newspaper.
Ahead of the next annual meeting in Edinburgh on April 6th, the mutual insurer plans to post ballot papers on the website within the next 48 hours to allow members to voice their feelings about the £2.4m shared by the group’s board in 2003 – a year when with-profits funds saw five bonus payout cuts.
At the same time, however, the vote will not be binding, says the Scotsman, so if policyholders vote for much lower payouts, it could be overturned by the board.
Former chief executive, Iain Lumsden, is said to have received a pay deal worth £1m in 2003, thanks to a performance-related bonus worth a cool £125,000.
NEWS WHICH is likely to upset most hard-working taxpayers comes from the Times this morning, which suggests the Inland Revenue has "written off" £789m in unpaid National Insurance contributions because the office has given up on collecting it.
At least one million self-assessment forms are still outstanding since the scheme was launched seven years ago, says the Times, while the £789 represents around 1% of the £72bn of NI paid each year.
As a result, at least ten million people are also being asked if they are willing to pay hundreds of pounds in extra NI contributions otherwise it will affect their right to the full basic State pension.
New money laundering regulations soon come into force today which the Guardian says will be accompanied by a tax evasion crackdown.
Even firms such as car dealers and jewellers will have to inform the National Criminal Intelligence Service if they are suspicious about where the money for purchases worth over £10,000 comes from.
AROUND EIGHT million fraudulent insurance claims have been made on travel policies, adds the Scotsman.
A survey by Direct Line shows suggests 15% of policyholders admit they have made a bogus claim by either adding extra items to a genuine claim or overinflating its value, while at least 5% totally made up the claim.IFAonline
£92bn transferred since 2015
Achievements, charity work and other happy snippets
Since first announcement