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Lincoln cutting top-up charge

Lincoln is cutting charges for top-ups on its existing individual pension contracts in a bid to prevent a haemorrhage of its existing business to lower-charging stakeholder schemes.

The 200,000 policyholders with contracts dating from 1986 will get a new charging structure of 0.5 per cent annual charge on the incremental contract.

The firm, which sold its salesforce to Inter-Alliance last October, says under current terms, increased contributions on existing policies, including contracts inherited from Liberty Pensions and Citibank, are charged at rates higher than 0.5 per cent.

Lincoln says the move is aimed at holding on to the existing book in the face of competition from stakeholder providers.

It says it will making an announcement on changes to top-up contracts on existing group contracts in the next few months.

The move is also part of Lincoln&#39s longer-term strat-egy of developing new business including distributing through IFAs.

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