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ScotAm weighs in with 1% range

Scottish Amicable is rolling-out an extended range of single-charge pension products including stakeholder over the coming months.

The move follows similar launches by its rivals including Axa Sun Life, Norwich Union, Royal & Sun Alliance and Standard Life.

ScotAm introduced its Pre mier group personal pension in February and says its latest range means it is now competing in the IFA arena across all sectors of the pre-retirement pension market.

Its new products include the Premier group money-purch ase pension and a contra cted-in money-purchase plan which will be launched tow ards the end of this week. Other products to come are group and individual stake holder pensions, individual personal pensions and executive pensions.

ScotAm says it will levy a single annual charge up to a maximum of 1 per cent on all its new pre-retirement pension products by April 2001.

But it will give IFAs scope for flexible annual charges up to a maximum of 1.5 per cent for non-stake holder plans, depending on the level of contribution, advice and investment choice required by the client.

The company has also ann ounced plans to lower the charges to 1 per cent across its existing range of personal pensions and group pensions by April next year to protect its customer base.

Director of pensions dev elopment John Glendinning says: “The entire market is moving towards single-charging and multi-pricing will not be sustainable for long.

“Com panies which are unable to adopt single-charging risk losing customers.”

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