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Friends to offer multi-manager pension deal within a 1% cap

Friends Provident is set to launch a multi-manager proposition for

group pension business with potential access to any fund on the

market within a 1 per cent price cap.

The three-tier offering consists of three best of breed lifestyle

funds chosen by external experts, the Isis and Friends Provident fund

range and a full open architecture approach giving larger schemes a

link to any external fund.

Friends is currently in negotiations for six to eight fund companies

to offer a total of around 25 funds across mainstream sectors for its

three best of breed managed funds which will offer investor different

risk profiles.

The company says it wants to squeeze down its additional charge on

top of the funds&#39 charges to make it feasible for IFAs to get a

reasonable commission.

Friends is understood to be looking to roll out the multi-manager

offering in late summer although no date has been set.

Head of pensions marketing Jeremy Ward says “We understand that IFAs

want open architecture and a greater choice of funds. By negotiating

with a group of six to eight fund managers, we can keep the charges

within 1 per cent with IFAs charging commission.”

Richard Jacobs Pension & Trustee Services director Richard Jacobs

says: “At a time when the market is looking to get the Government to

break 1 per cent, Friends is showing they can work in it. There is

no doubt that offering multi-manager within 1 per cent is the product

of the future.”

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