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Clerical scraps pension charge

Clerical Medical is axing the 1 per cent charge on stakeholder and personal pensions.

In a move to increase interest in the products, Clerical will give 100 per cent allocation on single premiums of £3,000 or more invested into a stakeholder or personal pension that has at least five years to go before maturity.

The offer will be available for new investors for three months from June 1.

Clerical Medical concedes there has not been a fast take-up of the products but it denies that they have been a failure and is confident that they can offer an effective sol-ution for a large number of consumers.

Pre-retirement planning marketing manager Martyn Nethercott says: “This offer will potentially help many people to make a start on investing in a pension in the future or for those who are looking to make further one-off contributions.”

Dennehy Weller managing director Brian Dennehy says: “I think the charges on stakeholder are so minimal that this will do little to prompt people to act. Short of compulsory contributions, which I favour, I think there is currently little that can be done to encourage more people to look at long-term savings.”

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