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Perpetual begins group pension bid

Perpetual is entering the corporate pension market with a group personal pension sold through IFAs.

The launch comes as Perpetual becomes the first fund manager to confirm it will enter the stakeholder pension market with a plan aimed at employers.

It will also offer a separate money-purchase occupational scheme.

The GPP has an initial charge of 5 per cent and an annual management charge of between 0.5 and 1.5 depending on the underlying fund.

Perpetual is hoping to give GPP investors access to its entire fund range although it expects most to invest in either US, Japanese or UK equities.

IFA can take commission of between 0.25 and5 per cent per cent although commission sacrifice is available.

Perpetual made its debut in the market for personal pensions, self-invested personal pensions and small self-administered schemes last year. It is aiming to grab between 2.5 and 5 per cent of the GPP market within eight years.

Although Perpetual will not rule out selling direct, it predicts the majority of plans will be sold through IFAs.

Pensions development director Fiach Maguire says: “The Perpetual GPP has been designed to offer investors the dual benefit of our exceptional investment record and superior administration and, unlike many other pension providers, we have been able to structure and develop new systems around our pension providers.”


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