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Clerical targeting OPPs with bulk buyout offer

Clerical Medical is offering a bulk buyout plan aimed at occupational pension schemes which are winding up.

The plan is part of a wider assault on the pension market that could see the company return to the group stakeholder market by the end of the year.

Clerical says it expects a surge in demand for its bulk section 32 buyout plans which accept transfers from contracted-in and contracted-out money-purchase and final-salary schemes.

Opra estimates there are currently 30,000 work-place schemes in wind-up.

The plan offers 14 external fund links from UBS, Newton and Schroders as well as lifestyle plans.

Clerical is offering a wide choice of commission options for IFAs, including initial commission up to 5 per cent and annual fund-based commission up to 1 per cent.

Head of retirement planning Keith Gilmour says: “Employers are continuing to seek ways of reducing the administrative and cost burdens of providing group pensions for their employees. Clerical Medical is bringing some real quality to a high-profile part of the market.”

Dennehy Weller managing director Brian Dennehy says: “Buyout plans are a huge market as occupational schemes continue to close. Provided that the charges are reasonable, the main differentiator will always be external fund links.”

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