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Barclays starts bid for small business pensions

Barclays has begun its onslaught into the smaller business pension arena

ahead of stakeholder in April 2001 with the launch of its group retirement


The bank will be targeting the GRA group personal pension at its 500,000

smaller business customers. The move is in direct competition to IFAs who

also see smaller businesses as a prime target in the future stakeholder

pension market.

Barclays will use part of its tied salesforce of 800 to target the small

companies, who will work alongside its existing 2,000 small business


The plan has a “stakeholder-friendly” 1 per cent annual management charge

and a minimum contribution of just £20.

Barclays says it is launching the GRA following requests from a number of

its corporate clients who want to pre-empt the new stakeholder rules.

All firms with five or more employees must make some form of pension

provision available to their staff.

Barclays head of life and pensions products Kevan Ward says: “We have many

corporate customers and some are keen to look at a solution to their future

stakeholder obligations. It is designed to be as close to stakeholder as

you can possibly get at the moment.”


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