Commission ranges up to 50 per cent of Lautro rates plus uplift, equivalent to 25 per cent of the first year’s premiums before uplift. Charges for regular-prem-ium savers are either 10 per cent for five years or 20 per cent of the first two years’ contributions. Fund charges vary from up to 1 per cent on 29 in-house NU funds to between 1.1 per cent and 1.9 per cent on 34 external funds from eight firms. These charges are reduced for regular-premium custo-mers and lump-sum customers paying for advice through fees and for transfer business of more than 10,000. NU has cut the fund choice on its stakeholder range from 42 to just four – its stakeholder with-profits, balanced managed, retirement protection and deposit vehicles. Head of pensions Iain Oli-ver says NU’s full advice proposition will not run into difficulties on RU64. He says: “If customers need full advice but cannot pay a fee, they need to finance it through commission and unless we grasp that nettle, the pension market is going to shrink considerably.” Origen pension specialist Mark Stopard says: “This will allow IFAs to provide a reasonable level of advice.” Which? senior policy adv-iser Mick McAteer says: “It comes as no surprise but it is unfortunate that the Government and the FSA took so long to realise that the industry has no interest in the stakeholder target market.” NU has also raised its lifetime mortgage commission rates from 0.5 per cent plus 150 to 1 per cent of loan value.