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Mercury Life planning professional pensions

Mercury Life is planning a major expansion in the IFA market with a range of pension policies for professionals.

These are likely to include small self-administered schemes, self-invested personal pensions and income-drawdown plans.

Mercury Life, a subsidiary of Mercury Asset Management, has taken on Rodderick Rennison as retail director with the task of looking at new opportunities in the IFA market.

He was previously part ner of compensation and benefits at consultancy Robson Rhodes.

Mercury Life sells personal pensions and group personal pensions through IFAs. but now it wants to tap the booming professional pensions market.

It has just £1bn under management but declines to comment on how much bus iness it wants to pick up from the push. Overall, MAM has funds under management of £104bn.

Mercury Fund Managers managing director Richard Royds says: "Rodderick will look at new opportunities for expansion. Our product range needs more products to stay competitive in the IFA market. We want to extend our presence in the IFA market."

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