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Pension offices cause waiver waves for IFAs

Some of the UK&#39s biggest stakeholder providers are being criticised by

IFAs who claim that their stance on waiver of premium is blocking business.

Some life offices, including Norwich Union and Standard Life, are refusing

to allow employers to contribute to waiver in the new tax regime, saying an

entirely new policy should be set up outside of the pension contract.

One IFA says: “The way that Scottish Equitable works, waiver of premium

means neither the client nor the IFA notices anything particularly

different between the preand postApril 6 tax regimes but with Norwich Union

and other life offices, the IFA has to establish a new stand-alone policy

which is hardly worth it and which is a barrier to recommending waiver.”

Norwich Union head of individual pensions Iain Buckle says: “For reasons

of simplicity, we took a view not to allow employers&#39 contribution into

waiver of premium. We also cannot see why having waiver of premium as a

separate contract causes IFAs any extra burden.”

Aegon group PR manager Scott White says: “We allow employer contribution

as it can be viewed as a valuable benefit. With-out employer contribution,

take-up of waiver can be quite low.”


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