Clerical Medical is teaming up with three leading fund managers to offer external funds links on its range of group and individual pension plans.
The move will provide Clerical's policyholders access to 15 externally managed funds from Aberdeen, Newton and Schroders. The funds will only be available to stakeholder investors through the Employee Benefit Solutions package which is a non-commission product aimed at the employee benefit consultant sector.
Clerical says its research showed IFAs and clients wanted greater investment choice.
The links will not be available to stakeholder schemes through the IFA channel but will be available on its range of FutureProof individual and group plans.
The new fund links will include Aberdeen's technology, Newton's income and Schroders' UK smaller companies and Tokyo funds as well as the 22 funds offered by Clerical.
The life office originally announced it would be offering external links in January. It now says it has completed its research and selection process and the links on the FutureProof range will be available from the end of the year. It also says the links on its Employee Benefits Solutions package will be available as soon as possible.
Chief investment officer Michael Deakin says: “Our research shows IFAs and their clients are more than happy with our performance, but they would also like to have a wider choice of fund managers for certain circumstances.
“We expect to see all mainstream providers offering external fund links in future.”