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Net firm aids IFAs on shell schemes

An online pension service is paying IFAs fees for setting up stakeholder shell schemes.
Pensionslink, launching this week, allows the management of schemes from any stakeholder providers which meet the Origo industry standard by using web-based technology to link IFAs, employer clients and their staff.
Shell schemes can be used by firms to meet the Government&#39s stakeholder requirements although employer contributions are optional.
IFAs can designate shell schemes and manage the admin through the service which links the company payroll and employee records with the stakeholder provider&#39s computer systems.
Pensionslink says many provider systems are fundamentally flawed because they are designed by life offices with their own admin problems in mind and do not consider the ease of integrating with other systems, which can often lead to poor administration.
The company is positioning itself as a multi-provider and plans to add a range of product providers to the site.
Pensionslink hopes to offer a full range of employee benefits through the system, including grouped Isas and health insurance schemes from different providers.
Commercial director Lars Singleton says: “Employers realise that while pensions schemes are valued by staff, they must act to curb the impact of stakeholder on their business or face numerous fines later that can be up to £50,000 each.
“Pensionslink allows an IFA to provide the company and its employees with a solution in one package.”


More power to mutual trends

As the chairman of the Parliamentary all-party group for building societies and financial mutuals, I have spent a lot of time over the last four years arguing the case for mutuality. It has been disappointing to see the number of conversions from building societies or mutual life insurance companies to plcs since 1997 but there […]

IFAs do not make the rules

I recently watched Paul Smee being interviewed by Angela Rippon on Simply Money. He came over as a very pleasant and experienced professional the industry can be proud of to defend the role of the IFA. Ms Rippon asked him how he would convince a member of the public that an IFA would not make […]

Let your light shine

If you have any issues you would like to raise with Fiona Price, please send an email to Please note that neither Money Marketing nor Fiona Price can accept any liability for answers given to queries I don&#39t know about you but perhaps because I have had my own business for most of my […]

Galley and Zimmerman retiring at Merrill Lynch

Merrill Lynch Investment Managers joint chief operating officers Carol Galley and Stephen Zimmerman are retiring. Current co-head of MLIM Americas Robert Doll has been appointed chief investment officer. Head of MLIM Europe, Middle East and Africa Peter Gibbs will become chief operating officer. Zimmerman&#39s retirement is effective from June 30 but Galley will stay until […]


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