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Royal & Sun Alliance sets out guide to S2P

Royal & Sun Alliance has produced a support pack for IFAs to tackle consumer apathy and confusion surrounding the new state second pension.

The main aim of the pack is to help IFAs and their clients make informed decisions about whether or not to contract out of S2P.

The pack contains a range of information, including a special calculator spreadsheet developed by R&SA, which calculates an individual&#39s pivotal age for contracting out or back in.

The pack also contains a plain English guide to S2P as well as training material on how S2P integrates with the pensions credit and minimum income guarantee.

R&SA says the changes in pension legislation over the past few years, combined with 1 per cent charges, have created an array of potential contracting-out decisions which IFAs and consumers need help with.

Corporate promotions leader Andy Milburn says: “Feedback from IFAs has made it clear there is a general apathy surrounding S2P, which can be attributed to a lack of understanding. We are left with a scenario where IFAs may not have considered all the options available to their clients, who are also in a state of confusion. R&SA has produced this pack to guide IFAs and their customers toward making the right choices.”

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