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NPI makes renewed assault on transfer market with six plans

AMP NPI is bidding to re-establish its position in the pension transfer market by introducing six new products.

The company says it now has the capability to accept all forms of pension transfer business. NPI&#39s product range has lain dormant since its takeover by AMP.

It predicts the transfer market will grow over the next few years as more companies close their final-salary schemes.

AMP NPI can now offer IFAs access to individual and bulk section 32 buyout plans, a group AVC, individual and bulk buyout plans that include protected rights from contracted-out rebates and a contracted-in money-purchase scheme for transfer business.

Two of the new products – the contracted-in money-purchase scheme and the group AVC – are on a single-charge basis. The products have no bid/offer spread, no policy fees and no surrender penalties.

AMP NPI has developed a new method for calculating guaranteed minimum pension liabilities that accumulate in occupational schemes. These must be met when a scheme member retires. It will assess the cost of providing the guarantees across the whole scheme and put the cost into the annual management charge.

Each scheme will be priced on an individual basis to take account of the transfer value, age profile, commission options and GMP.

AMP is also running a series of pension transfer roadshows with Informed Choice managing director Nick Bamford attending as a guest speaker.

AMP NPI IFA sales director David Tildesley says: “NPI was very big in pension transfer business but we did not develop new systems. We now have a very clever way of calculating GMP assumptions. We now have a complete range to cover every available type of transfer business.”


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