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Online IFA adds GPPs to internet offering

Online pensions IFA Pen-sionsbusiness.com is offering employers a choice of stakeholder-friendly group personal pension schemes through an online service.

The IFA says advisers may need to follow its lead and look to the internet as the key communication channel to clients.

The service allows sch-emes to be selected, installed and offered comp-letely online.

Pensionsbusiness.com is also planning to offer stakeholder pensions when they become available in April 2001.

The Pensionsbusiness website provides employers with all the infor-mation needed to choose a GPP scheme from one of five providers including Legal & General, Clerical Medical, Scottish Mutual, Scottish Amicable and Scottish Equitable.

Employees can join the scheme chosen by the employer online and are then given their own dedicated web page where they can make alterations to their contributions when ever they want.

Pensionsbusiness is owned by Michael Lockyer, who is principal at IFA Nightingale Associates.

A number of private investors also have a stake in the company and are represented on the board by Brian Coultas of corporate finance company Coultas & Co.

Pensionsbusiness chief executive Michael Lockyer says: “There is no doubt IFAs who stick to the traditional way of working will find it hard to cope in the new stakeholder environment.

“Given the sheer scale of the market and the fact stakeholder margins are so thin, IFAs will undoubtedly have to rethink their approach. We believe that the internet as a distribution channel must become the major trend in the industry. ”

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