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Barclays no-load Pep offer

Barclays Global Investors is looking to help IFAs kickstart Pep sales for the new tax year with a no-load Pep offer.

It is aiming to get brokers to persuade clients to buy Peps as well as unit trusts early in the financial year rather than in a scramble at the end of the tax year.

It is offering its distribution fund without initial charge but will be paying full initial commission of 3 per cent and 0.5 per cent renewal. There is an annual management charge of 1.5 per cent.

BGI Funds says it is "relatively rare" to offer a no load unit trust with renewal commission.

Chief executive Miles Peyre says: "This combination is based on what IFAs tell us they really want. It is a very cost- effective vehicle for them and for their clients when compared with traditionally priced products."

The distribution fund can invest in fixed-interest, equity and collective investment schemes in the UK and overseas but can switch asset allocation.

The fund is currently invested mostly in equities.

BGI Funds will be backing up the push with a marketing campaign and IFA support service.

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