Clerical Medical is set to offer a flexible defined-contribution group pension plan with stakeholder-style charges.
FutureProof will be available from February 19 and can inc orporate group personal pensions, group money-purchase pensions and group additional voluntary contributions within one contract. From April 6, a stakehol der option will be available.
FutureProof has a single fund management charge of 1 per cent or less, depending on the requirements of IFAs and their clients. There is no bid/offer spread, initial charge or policy fee.
Plans can be switched without penalty. There are also no penalties for reduction or suspension of contributions, early leavers or early retirement.
The plan offers access to a range of unit-linked funds and with-profits fund with free switching. A choice of pre-selected lifestyle investment profiles is also available.
From April, FutureProof will be supported by an elec-tro nic delivery system des igned to reduce costs and imp rove service to IFAs and clients. The system will allow IFAs to set up and support group pension schemes electronically.
It will soon allow employers and employees to have online access to their scheme at work.
Clerical Medical sales dev elopment manager (pensions) Martyn Nethercott says: “Fut ureProof is an ideal company pension plan for the IFA market because it is one product which can provide all solutions. IFAs can recommend it to their clients with confidence bec ause it combines low charges with the consistent performance of key funds.”