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Clerical widens stakeholder fund choice

Clerical Medical has revamped its group stakeholder pension, making external funds available and overhauling its default lifestyling option.

Investors can choose from 10 external funds from two different managers as well as the group’s in-house range. There are six Newton funds – balanced, managed, international growth, continental European, American and income – and four UBS portfolios – UK growth, US equity, global growth and managed.

The default option will now be invested 75 per cent in Clerical’s balanced managed fund, with the remainder in Clerical’s UK equity fund until 10 years before retirement. At five years to retirement, this switches to 75/25 cautious managed and non-equity managed and two years from retirement this moves to 75 per cent retirement protection fund and 25 per cent Halifax cash fund.

Employee benefits marketing manager Martyn Nethercott says: “We are committed to making group stakeholder pensions work and will be offering support to employers and advisers to meet this goal.”

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