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AbbeyNat takes an online stake

Abbey National is offering an online pre-stakeholder plan for small businesses which it claims allows employees todo most pension admin electronically.

The group flexible pension plan will not be available through IFAs but Abbey insists that stakeholder needs advice and says it has a nationwide team of relationship managers to guide employers.

It says members will be able to make applications and get updates online. The product has no initial charge and a 1 per cent annual charge. It offers a choice of with-profits, managed, UK equity, international and deposit funds. It has a flexible contribution facility and does not charge for transfers out.

Abbey claims its website will deliver significant cost savings and allows applications to be transmitted and validated online. The facility also identifies errors at the time of entering the data.

Director of pensions Hugo Thorman says: “Our entry into the company pension market aims to make our customers&#39 lives easier. We intend to lead the way by offering a paperless service and by reducing admin and related costs.”

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