View more on these topics

Clerical Medical back for good

Clerical Medical has returned to the commission-based group pension market after an absence of almost two and a half years because its systems could not cope with the amount of business it was attracting.

The company is now set to woo IFAs with new features on its group pensions such as online fund valuations for members and a simpler joining procedure. Instead of the long paper trail generated by letters passed back and forth between IFAs and Clerical Medical, the application process can be completed online.

There are group stakeholder, group personal pension, group money purchase and group additional voluntary contributions options aimed at companies with at least 10 employees. A range of 24 Clerical Medical funds and 13 externally managed funds are offered.

The Clerical Medical funds include five funds managed by Insight, the investment arm of Clerical Medical&#39s parent company, HBOS. There are also 15 specialist funds, three risk-graded lifestyle investment programmes and a unitised with-profits fund. The external funds are managed by Schroders, UBS and Newton

It has not been possible for Clerical Medical to offer with-profits and external funds on this contract because of the 1 per cent charging cap. The other pension options are not tied to the cap, so employees have greater investment choice and the increased workload this might mean for IFAs is catered for through flexible commission options which are negotiable.

While IFAs may appreciate the effort Clerical Medical has made in improving its systems and the flexible commission structure on this product, the company will have to work hard to regain IFA business that it has lost to competitors in the last couple of years. Also, at a time when the multi-manager concept is the latest buzzword, external fund links to only three managers may appear limited.


Confidence high but only for mini Isas

Investor confidence is at its highest for 18 months but many potential buyers only intend to put their money into a mini cash Isa, according to Hargreaves Lansdown. The company&#39s investor confidence coefficient rose to 226 in January – its highest level since July 2002 aside from a brief blip in September but 41 per […]

Backing for home-reversion regulation

The Treasury should extend the regulation of equity release to home reversion schemes, the vast majority of respondents to its consultation closing this week believe. With more than 50 responses received, most – including Sofa, the National Consumer Council and the Financial Services Consumer Panel – support the FSA regulating the entire equity release market.

Out of context

•”Coventry railway station. Yes, it&#39s quite like a swimming pool but fewer people in small trunks.” – BBB chief executive Stephen Ingledew gives a quick summary of his location and its acoustics. •”I need to go for a run every evening. I&#39m becoming a little porker.” – Hargreaves Lansdown chief executive Peter Hargreaves embarks on […]

FTB house price average tops £100k for first time

House prices continued to flourish in January, increasing by 2.2 per cent compared with 2 per cent in December, according to Halifax&#39s monthly house price index. The average house cost was £145,610 in January compared with £142,408 in Dec-ember while the average price paid by a first-time buyer passed £100,000 for the first time at […]

Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm