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ScotEq helping IFAs give clients a pension MOT

Scottish Equitable is recommending that IFAs give their clients a pension MOT in res-ponse to the negative media coverage of the products.

The company is offering IFAs free copies of its literature, Time for Another Look, which guides IFAs through reviewing their clients&#39 retirement savings and outdated arrangements.

ScotEq says there are many ways that pensions can be improved, with people realising that their retirement income could fall short of their expectations.

It points out that changes need not cost IFA clients anything at all. For instance, an IFA could review the contracting-out requirements of clients as many protected rights could have been placed in outdated pension vehicles.

In the 25 years since people have been able to transfer out, ScotEq says there have been many pension innovations in terms of costs and flexibility.

Simply transferring to a different product or pension provider could mean that the client&#39s retirement fund is put to much better use.

IFAs can benefit as the average protected rights fund is worth between £15,000 and £50,000,

Individual pensions marketing communications manager John Joe McGinley says: “The new statutory moneypurchase illustrations, which will be issued from April, will give people a more realistic idea of the retirement income they can expect and they may be a wake-up call for many.

“People have been able to contract out for 25 years and many investors will have up to 25 years of protected rights benefits accruing in an out-of-date pension.”

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