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Consolidate to boost pension funds, says L&G

Consolidating pension pots with one provider could boost a client&#39s overall fund, says Legal & General.

The life office says advisers should consider switching clients to lower-charging products because many providers charge existing clients at pre-stakeholder levels.

L&G says even existing clients with the benefit of stakeholder-friendly charges should consider switching where the new charge structure is a flat 1 per cent throughout the life of the policy, offering no tiering of charges as the fund grows.

The provider is also calling on IFAs to review clients whose funds are in closed books.

It says clients should be warned of the potential for future poor fund performance. Another reason to consider a switch is where the provider is no longer financially strong.

L&G has recently enhanced its online pension transfer value analysis system to make it easier to assess whether it is worthwhile transferring.

Director of pensions marketing Andy Agar says: “With the technology now available to financial advisers on pension transfers, it takes just minutes for them to assess whether a client could benefit from transferring their pension pots and consolidating them with one provider.

“We believe the combination of our financial strength, tiered single-charge product and extensive fund choice, with both internally and externally managed funds, make L&G a natural choice for IFAs looking to consolidate their clients&#39 pension pots.”


OFT rules against direct marketeers

The Office of Fair Trading has taken action against misleading &#39money-making&#39 mailshots which were advertising a &#39get-rich-quick&#39 scheme. Devon-based couple Pauline and Robert Chambers were told they would have to refrain from publishing advertisements that were part of a promotion for a scheme called Your Private Gold-Mine. The scheme was designed to use direct mail […]

Standard snubs carpetbagger

Standard Life has told carpetbagger David Stonebanks that it would be unreasonable to expect the company&#39s board to help with the drafting of a proposal which it believes would damage the company. It says there is no basis for his request for a judicial review of its decision to dismiss his last request for a […]

Out of context

•”As Manuel in Fawlty Towers says &#39This week I know nothing&#39 but next week, next week I may know stacks.” – White Horse Financial Mick Stannard on post-holiday memory loss. •”I arrived at the restaurant a dripping wreck. The waiters had to dry me out.” – Chadney Bulgin partner Tom Chadney. •”I don&#39t know what […]

Invesco defends Millfield pick as Dampier joins furore

Invesco Perpetual and Millfield Group have defended star fund manager Neil Woodford&#39s decision to pump millions of pounds into the loss-making IFA following the intervention of Hargreaves Lansdown&#39s Mark Dampier. Misys member Master Adviser suspended all dealings with Invesco last week after Woodford&#39s decision to inject £10.5m into Millfield despite well documented financial difficulties. Invesco […]


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