Scottish Life has removed policy fees for all new regular-premium personal pension plans of £100 or more a month.
The company says its flexible commission options, extensive internal and external fund range, Royal London's with-profits performance and its latest initiative make a convincing case for IFAs to recommend its products.
Scot Life says its personal pension plans offer very attractive terms, often with an annual management charge of less than 1 per cent, while still paying competitive levels of commission to IFAs. It says this gives the IFA flexibility to improve the contract terms further through commission sacrifice in a way not possible with most stakeholder plans.
Head of communications Alasdair Buchanan says: “Many predicted the introduction of stakeholder would mark the death of the personal pension but this has been anything but the case. Retirement planning continues to be a very complex area and, in many cases, the cheapest solution does not necessarily prove to be the best. It is in areas such as retirement planning that IFAs really come into their own.”