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Irish stakeholder has an initial charge of 5%

The Irish government is going ahead with its version of stakeholder pensions with a 5 per cent initial charge and 1 per cent annual charge.

The Irish Pension Board will this week approve the new standard personal retirement savings account that is being billed as a low-cost option for people without a pension.

UK product providers say introducing a 5 per cent up-front charge in the UK would kickstart dismal stakeholder sales by giving them room to pay for advice.

From this summer, every Irish employer that does not offer an occupational scheme will have to give access to a SPSRA. Employers are not obliged to contribute.

All SPSRA providers have to provide a default investment strategy that invests in pooled funds and must advise members of the need to obtain financial advice.

Clerical Medical pensions strategy manager Nigel Stammers says: “The original CP121 proposals accepted that 1 per cent excludes advice. That was OK under the DPS but now DPS is gone. If we were allowed to charge for advice within the product then stakeholder would end up looking like the Irish model.”


Insight aiming to revitalise tired Isas

Insight Investment is offering two Isas aimed at investors who want to revitalise underperforming portfolios or diversify their holdings.The Investment Focus plan offers income and growth options. Insight says the plan is suitable for experienced investors who want to review their investments and transfer underperforming Peps and Isas.The income option gives access to the Insight […]

Disdain for curb on suite equities

IFAs and product providers have poured scorn on the Treasury&#39s recommendation that the equity products in its suite of stakeholder products should have a maximum equity exposure of 60 per cent.In its consultation paper on the Sandler stakeholder products, the Treasury is proposing the unit trust and the underlying assets of the with-profits and pension […]

FSA looks to apply Sandler model to WP

The FSA is questioning the industry on the implications of applying Sandler&#39s model to all new with-profits business.In Discussion Paper 20: Issues For With-Profits Arising From The Sandler Review, the FSA says it strongly endorses Sandler&#39s proposals for modernising with-profits.The document discusses the implications for existing with-profits funds which would have to be closed, how […]

Irish Life International – International Property Multi-Fund

Tuesday, 11 February 2003 Type: Offshore whole of life fund Aim: Growth by investing in performance bond, self-directed bond Minimum investment: Performance bond – £10,000, self-directed bond – £50,000 Place of registration: Dublin Investment split: Choice of performance bond, self-directed bond Isa link: No Charges: Performance bond &#45 initial 1.25% a year for five years, […]

Can you put a hat on?

By Sarah Scott, marketing consultant You might think the question in the title is a strange one. Perhaps even more so when you learn that it’s one of several asked as part of an assessment for Employment Support Allowance eligibility in the opening scenes of the 2016 film, ‘I, Daniel Blake’. Daniel is a carpenter […]


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