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ScotEq in Tip rejig to offer IFAs new options

Scottish Equitable is revamping its trustee investment plan.

The move creates two new options for IFAs. The first, designed for intermediaries who work on fee-based business models, includes a nil-commission option, no initial charge,an annual management charge of 0.6 per cent and no exit charges.

The second option, for commission-based IFAs, offers commission of up to 2.5 per cent, no initial charge and an annual management charge of 0.75 per cent.

Tips give pension funds the opportunity to invest with alternative investment managers while the admin remains with the original provider. They can be used alongside self-invested personal pensions, executive plans or small money-purchase schemes.

ScotEq says these types of plans are popular, especially among more soph-isticated investors who like to move their money around to take advantage of investment opportunities.

Minimum investment is £5,000.

Marketing director Ken Hogg says: “These new terms significantly streng-then our offering in the Tip market. The development of the new option adds a further dimension of flexibility, following on from the introduction of external fund links earlier this year which considerably widened the investment choice.”

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