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Opra forms on defaults could not be clearer

I read with interest the article in the July 12 edition of Money Marketing

headlined, Life offices slam Opra on multi default funds.

The article states that: “…the regulator has allowed some providers

to offer more than one default fund on stakeholder schemes although many

providers had believed they were only allowed to register onedefault fund.”

Friends Provident manager Chris Bellers is quoted as saying: “This looks

as if some providers are achieving an unfair advantage.”

Not at all. Note five on the stakeholder registration form which every

provider completes to register a stakeholder scheme states quite clearly

that more than one default fund option can be provided.

It says: “If a scheme provides more than one automatic investment option

for different categories of member, please list them all and the category

of member to which they apply and continue on a separate sheet if

necessary.”

Page two of the scheme registration form carries a very large box for

specifying default funds headed: “Please list all default options if there

are more than one.”

The forms and their accompanying notes can be accessed through the Inland

Revenue website at: www.inlandrevenue.gov.UK/stakepension/shp100.pdf.

I really cannot see how things could have been made a lot clearer.

Nick Edmans

Communications manager, Opra,

Brighton, East Sussex

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