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CGU hots up war with free pensions

CGU Life is aiming to attract IFAs by offering free individual and

personal pension plans until April next year.

The move marks a major escalation in the pension war in the fight for

market share in the run-up to stakeholder.

CGU will waive initial and annual charges and it will pay standard

commission levels until the start of stakeholder in April 2001 on its new

stakeholder-style range of PPPs and GPPs.

The offer will be available across the board to all IFAs. It had

previously been rumoured that the life office intended to offer bigger IFA

firms a free stakeholder for two years while still paying standard

commission levels.

CGU head of pensions strategy Jerry Barnfield dismisses rumours of free

stakeholder for big firms.

Clerical Medical pensions strategy manager Nigel Stammers says: “In the

long run, it will be things like service and investment performance that

really matter.”

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