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IFAs will not compromise independence over GPPs

IFAs signing up staff to group personal pensions will be all-owed to describe themselves as independent even though a group personal pension provider has already been selected.

The menu proposals say a firm enrolling employees into a GPP will not compromise its independent status if the scope of advice is restricted to advising on joining that scheme only.

Independent firms will be able to continue using their stationery and trading names in GPP situations where the provider has already been selected.

The FSA has exempted group pension arrangements from the disclosure requirements of the menu which means that employee benefit consultants and corporate IFAs, who often charge fees to the employer, will not be required to supply employees with a guide to the cost of their services.

Scottish Life group head of communications Alasdair Buchanan says: “Group pensions have historically tended to operate on their own and it is not surprising that they have been left out of the menu.”

A&B head of pensions Michelle Cracknell says: “This makes sense because the IFA&#39s independence relates to the choice of provider on behalf of the employer.”


Prudential is set for return to CI market

Prudential looks to be taking its first tentative steps towards re-entering the critical-illness market in earnest after the pipeline drama that left it badly scathed last year. Pru incurred IFA wrath after it raised premiums and withdrew guarantees on new and pipeline critical-illness business last April. But following an apology to IFAs by UK chief […]

Bristol & West launches 2 year discount at 3.89 per cent

Bristol & West Mortgages has launched a two year discounted product at 3.89 per cent. The mortgage is a variable product at 2.15 per cent off the lender&#39s SVR, currently at 6.04 per cent. It is available until 31st March 2006 at up to 95 per cent loan to value. Senior product manager Neena Kithoray […]

Millfield two leave for Lifetime

Millfield non-executive directors Derek Noone and Jeremy Bradburne are standing down to focus on the business plan for Lifetime, the wrap technology business in which the national IFA holds a 41 per cent stake. Norwich Union holds a 49.5 per cent in Lifetime. Millfield chief executive Paul Tebbutt says: “I look forward to Derek and […]

When is a with-profits policy not with-profits? When it is invested in bonds

Many with-profits funds are now entirely invested in bonds. Who ever would have thought that Pearl, NPI, London Life, or the Equitable Life, Royal, Sun Alliance and indeed many other WP funds would eventually be exclusively, or at least nearly so, invested in bonds? The impact of this will be to guarantee that investment returns […]

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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