Breaking up the estate



Last year both Norwich Union and Prudential were looking to arrest the precipitous decline in the UK's with-profits sector by maximising the role of the inherited estate of their open funds. Norwich Union's plan hinged on the offer of inflation-linked guarantees subsidised from the estate, while Prudential was looking to fine tune the investment policy for the estate as a means of boosting returns from the main fund (Life & Pensions, February 2006, p6).

But 12 months on, it appears that all bets

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