Transact looks to add GPPs
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Transact is considering launching a group personal pension on its wrap.
Managing director Ian Taylor says the wrap is at an advanced stage of developing the systems for GPPs.
He says: “There is opportunity in the group personal pension market and we have been looking at this for over a year. It is a matter now of finding the right partners.”
Taylor says a GPP is a sub-sector of what would go on to a corporate platform but Transact has no plans to offer a corporate wrap.
He says: “Corporate wrap is all a bit peculiar. I cannot make it sound like it makes sense to me so I am not enthusiastic about the idea because I cannot sell it to myself. If I can’t sell it to myself, then I probably can’t sell it to anyone else.”
Threesixty partner Phil Young says: “Adding a group personal pension to their wrap and creeping into employee benefits that way is a much better idea than jumping on the corporate wrap bandwagon right now.”
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