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R&SA tops stakeholder&#39s standards with tiered fees

Royal & Sun Alliance has put IFAs at the centre of its new pension strategy, which was unveiled last week.

Its new range will be launched fully in April 2001 and will include a defined-contribution sch eme and a stakeholder pen sion which R&SA claims beats the Govern ment&#39s Cat standards.

The plans will have a tiered annual management charge which reduces as the fund builds up. Investors with funds valued at £25,000 will pay 0.6 per cent, those with £50,000 will pay 0.5 per cent and those with funds of £100,000 or more will be charged 0.4 per cent.

R&SA says it is committed to working in partnership with IFAs and intends to offer pro ducts and char ging structures which allow it to pay IFAs for adv ising emp loyers and individuals.

A series of IFA roadshows is planned for the new year to provide support and training on the new range.

All products will be administered on a web-based system, Pensions Solutions, which has been dev eloped by software specialist Chambers Town send Consultancy.

The system allows emp loyers and IFAs to maintain data on the internet and cut down on paper-based administration.

R&SA says it has spent the last 12 months re-eng ineering the business and building its position in the IFA channel, which last year accounted for 61 per cent of its regular-premium group pension business.

UK life and pension managing director Stephan Pater says: “Stakeholder has always been about much more than a new product. It is a whole new environment and culture which IFAs and providers must operate within.

“We are investing in web-based technology and leveraging our position in the UK group risks and com mercial insurance mar kets to offer IFAs and emp loyers more flexible solutions in the emp loyee benefits arena.”

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