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Clerical joins commission fray with revamp of GPP

Clerical Medical is the latest pension provider to enter the pre-stakeholder commission war following a revamp of its Staff Link group pension plan.

The move sees the life office flexing the financial muscle of owner the Halifax, to offer IFAs commission of up to 60 per cent of Lautro rates on a stakeholder-style charging structure.

It follows hard on the heels of providers such as Scottish Mutual and Scottish Amicable which have been using their parent companies&#39 financial clout to win market share.

Clerical will now offer IFAs the choice of initial commission on either a non-indemnity or indemnified basis. The life office says the aim is to help IFAs plan and manage their income streams before the transition to stakeholder.

The new commission options will let IFAs tailor commission to suit their custo-mers&#39 needs, by allowing them to reduce the annual management charge on the planto 0.55 per cent through commission sacrifice.

Pensions sales development manager Martyn Nethercott says: “We have listened to IFAs and they are telling us the availability of initial commission can help them in the transition period leading up to the introduction of stakeholder. Staff Link&#39s new initial commission option underlines our support for IFAs in the group pension market and emphasises our determination to become a major player.”

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