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Legal & General lump together carry forward clients

With less than four months to go until the introduction of stakeholder pensions, Legal & General has introduced the single charge pre-stakeholder individual personal pension plan.

Legal & General has introduced the pension in order to take advantage of the carry forward rules before they are abolished on April 5, 2001. Carry forward allows people who have not used up all their tax relief on pension contributions in the previous six years to be carried forward to the current tax year.

The plan differs from Legal & General’s existing pre-stakeholder pension plan in that it has an annual management charge that is tiered depending on how much is invested. It starts at one per cent for funds up to £25,000, reducing to 0.8 per cent for funds between £25,000 and £50,000 and then 0.6 per cent for funds above £50,000.

Many people often top up their pension with a lump sum at the end of the tax year to take full advantage of their tax allowances, so IFAs will be advising their clients to do this for the last time in the run up to the end of this tax year.

The addition of the tiered annual management charge will also make the Legal & General product more attractive for people with larger pension funds, because it reduces as the fund size increases.


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