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Pivotal is adding pension for Mom

Investment platform Pivotal is adding a personal pension plan to its UK offering, extending access to its MLC manager of manager investment process.

Pivotal was established in the UK in March 2003 by National Australia Bank. It says this is the first time the Australian MLC Mom process has been available through a pension wrapper in the UK.

Features on the MLC pension include tax efficiency via stamp duty reserve tax exemption. Pivotal says adoption of an individual pension account means funds are exempt from SDRT, which could be worth up to 0.5 per cent of a scheme&#39s final value.

Other features of the product include flexible remuneration, allowing IFAs the option of payment either by percentage commission/fee charge or as a set amount for both lump sum and regular contributions, and the option for clients to make regular contributions or single payments, including transfers from other pension schemes.

The MLC pension offers the option of income drawdown, with the pension available as an accumulation plan or as a drawdown plan, with a combination of both options available as a partial drawdown plan.

MLC was bought by NAB in March 2003.

Pivotal head John Cowan says: “The addition of a personal pension plan will enhance Pivotal&#39s offering to IFAs in the UK by helping them provide a more holistic investment solution to their clients. The MLC manager of managers investment solution from Pivotal is now available through Isa, Pep transfers, Oeic and personal pension tax wrappers.

“The personal pension plan has been developed in consultation with IFAs and embraces a number of key principles that they are looking for. Because of this we firmly believe the pension will be well received in the marketplace.”

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