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Hargeaves warns on R&SA with-profits

People still paying into Royal & Sun Alliance with-profits funds should stop doing so now and seriously consider pulling out altogether, says national IFA Hargreaves Lansdown.

Hargreaves Lansdown, which advises against paying into with-profits funds across the market, is warning of “clear parallels” between R&SA and Equitable Life.

It says relatively low exit penalties for pensions products means consumers should look seriously at pulling their funds out of R&SA.

Hargreaves Lansdown head of pensions Tom McPhail says: “If you can move away without penalties then you should seriously consider getting out of Royal & Sun Alliance.”

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