Clerical Medical is simplifying its pricing structure for pensions business in a bid to attract Section 32A transfer business.
The new pricing structure involves no policy fee, bid/offer spread or interim charge. The surrender penalty is two per cent in year one and one per cent in year two.
There is a one per cent annual management charge and commission is four per cent plus lautro.
The life office has also revealed plans to accept contracted in money purchase scheme transfer business from 18 January next year.