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ScotEq says IFAs should consider transfers for EPP clients

IFAs should review the pension arrangements of their clients who have executive pension plans and consider transferring them to a personal pension, according to Scottish Equitable.

The company says pensions have changed over the years and it believes that the time is now right for IFAs to review their clients with executive pension plan benefits and consider a move to a personal pension.

ScotEq says that this is a good time for those in occupational pension schemes who may have failed the Inland Revenue&#39s maximum funding test in the past to revisit their pension pot to see if a transfer would be in their best interests.

ScotEq says the target market for such transfers is worth £4.2bn a year and it is embarking on a marketing campaign detailing the 13 reasons why an EPP to PPP transfer may be beneficial for a client.

The campaign is backed by an IFA guide, direct mail material and suitability reports.

Individual pensions marketing communications manager John Joe McGinley says: “There are many reasons why people may wish to transfer from an EPP to a PPP.

“For example, they may be able to increase tax free cash available or have higher lump-sum death benefits.

“We can help IFAs identify clients who may benefit from a transfer to PPP and simplify the transfer process.

“More and more IFAs are entering this massive and growing market and we will continue to develop our support material to help IFAs claim their share.”

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