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Futureproof management charges set

Clerical Medical has unveiled a standard 1 per cent annual management charge across its new Futureproof range of individual pension plans.

From the new year, the range will offer a 1 per cent charge on pre-stakeholderstyle personal pensions, free-standing additional voluntary contributions and executive pension plans. The move responds to market forces bringing all pre-retirement products under stakeholderstyle charges.

The products feature a £20 minimum contribution and will be based on a standard 100 per cent allocation rate and a single 1 per cent annual management charge.

The life office says Future proof provides advisers with a number of commission opt ions designed to meet their clients&#39 specific needs. Fee-charging IFAs can offer their clients a reduced annual management charge of 0.6 per cent. The full stakeholder version of Futureproof will be available from April 2001.

Futureproof plans also include no charge for fund switching, no penalties on exiting, stopping or altering contributions plus life cover and waiver options.

Sales development manager (pensions) Martyn Neth ercott says: “Futureproof IPPs are designed to give IFAs maximum flexibility to meet their
own and their clients needs. Advice remains as important as ever, the flexible commission options available will provide IFAs with plenty of scope to cover the cost of advice.”


Move to help Goldfish hook phone and web customers

British Gas owner Centrica and Lloyds TSB are teaming up to launch a telephone and internet bank under the Gold fish brand next year. The bank will initially offer current and saving accounts online and by telephone and will go on to offer mortgages and life insurance. The joint venture will be known as Goldfish […]

Moore&#39s code

No one can deny the situation at Equitable Life is the most appalling mess. In an industry which has made its fair share of stupid mistakes in recent years, I invite the directors of Equitable to take a bow. I have been hearing for a number of years from a number of people how they […]

Panel voices fears on loan regulation

The Financial Services Consu mer Panel has blasted Gov ernment plans to regulate mortgages as “narrow and confusing” for not regulating advice. The plans have already run into trouble with lenders&#39 representatives who claim it could push large numbers of intermediaries and lenders out of the market. Leading IFAs believe the plans will lead to […]

Foreign & Colonial Smaller Companies announces drop in share value

Foreign & Colonial Smaller Companies&#39 net value per share has fallen by 4.2 per cent in the six months to October 31, 2000. F&CSC chairman Sarah Hogg blames disappointing returns in Japan and continental Europe.The interim dividend has been increased by 4.8 per cent. Hogg says: “Although the uncertainty about the prospects of the world […]


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