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Pick and mix with ScotLife

Scottish Life is setting up a pension administration platform which allows IFAs to pick and mix a variety of schemes, charges and commission arrangements for their corporate clients.

Retirement Solutions allows IFAs to choose any combination of products which are most appropriate for a client including stakeholder, group personal pensions, occupational money-purchase schemes or any combination of schemes.

It features a range of commission options including initial commission of up to 30 per cent on regular contributions in the first year.

IFAs will be able to tailor pricing structures, including bespoke pricing for large schemes or reduce charges if employers take on some of the scheme&#39s running costs.

Flexible investment options have been introduced with a range of 17 internal and 26 external funds, including for the first time Scottish Life International.

Scottish Life says at the centre of its new offering is a new online service for employers, trustees and scheme members Online Solutions. Advisers can provide their clients with the service by either giving them access through their own websites or through Scottish Life&#39s.

The online facility allows users to import payroll data to produce personalised illustrations, pre-fill application forms and payment schedules.

It also allows IFAs to be automatically notified of scheme members joining, leaving or retiring as well as check on commission payments.

Scottish Life product marketing manager Louise Gray says: “The UK pension market has changed enormously in recent times, forcing providers and IFAs alike to review how they do business. Retirement Solutions is the result of 10 months of research and planning, and feedback from leading pension IFAs.”

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