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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.”

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