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Innovative fee option on ScotLife pensions

Scottish Life is launching a range of individual personal pension plans that can pay the adviser a fee in a similar way to commission.

The new range, called Individual, allows the adviser to fix a fee with their client at outset which is then paid through the product.

The option means clients do not pay VAT and get income tax relief on the fee they pay.

The new range allows IFAs to select the charging structure they want across stakeholder, personal pensions, executive pensions and S32 buyout plans.

Annual charges vary from 0.4 to 1.65 per cent depending on the charging option chosen. They are further reduced, subject to a minimum of 0.4 per cent, when a client&#39s pension fund reaches £5,000.

The range allows investors to choose between four manager of manager funds run by Escher Teams and 18 external fund links from investment houses, including Fidelity, Invesco Perpetual and Schroders. It also provides access to 20 in-house funds run by Royal London Asset Management.

The launch of the range this month is supported by improvements to Scottish Life&#39s IF@Plus extranet service which will allow advisers and their clients to view transaction histories and fund valuations online.

Individual pensions marketing manager Mark Polson says: “The Individual range has been designed to evolve with industry changes. We carried out a great deal of research among key IFAs when designing the range. Our competitive charging structure, fund range and innovative commission options make us hard to beat.”

Hornbuckle Mitchell Group director Viv Belcher says: “As an IFA that does a lot of fee work, this sounds like a brilliant idea. As far as I know, it is unique. I hope other life offices follow suit.”


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