I suspect that many clients will not take waiver of premium any longer as
it is now a separate contract and cannot be paid as part of the pension
contrib-ution and must be paid from the individual's bank account.
This is not very convenient for members of group schemes.
No doubt, some companies will not bother to offer the contract at all. I
cannot think that this will benefit anyone at all but, of course, the few
who have a long-term illness will suffer enormously.
It is interesting that the powers that be have, in effect, sidelined
waiver of premium when only a few months ago advisers could have been sued
for not recommending it. Does anyone know what logic caused this sorry
state of affairs?
JFW Robinson & Co,