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From The Glossary »

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External Competition:

Insurers and pension funds are not only in aggressive competition with one another, but also with other contractual savings schemes (such as unit trusts). Over the years there has been a growing tendency for life insurers to compete more aggressively for personal savings. The need for this change became acute because of the rising level of inflation. Contributors to insurance policies saw the value of their contributions turned over to them at a ...
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