View more on these topics

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.”

Recommended

Scottish Widows creates new generation of with-profits

Scottish Widows has introduced the flexible options bond, a with-profits bond that provides investors with access to two new with-profits funds.The with-profits growth fund has a current bonus rate of 4 per cent and the with-profits income fund has a bonus rate of 4.75 per cent. Scottish Widows chose to offer two funds because it […]

&#39Nothing to fear from depolarisation&#39

IFAs have nothing to fear in a depolarised world, according to former Investec managing director Jamie MacLeod.Delivering the keynote address at this year&#39s Sway Senate Programme in Monte Carlo last week, MacLeod said IFAs have very little to fear if theFSA presses ahead with plans for depolarisation as long as they continue to offer best […]

HL sparks IFA row as it stops WP sales

Hargreaves Lansdown has put the sale of with-profits products on hold for the next few years in a move condemned by other leading IFAs.The Bristol intermediary says any money going into with-profits will simply be used to repair damage to ravaged funds if markets improve. If markets continue to slump, it says life offices could […]

Kat and dogs…

After meeting Reservoir Dogs&#39 star Michael Madsen last week, Mainland PR Kat Milne has apparently been acting (even more) strangely.Aside from wearing a dodgy black suit and tie to work every day (not too much change there), Kat was overheard asking a stroppy journalist: “Are you going to bark all day, little doggy or are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment