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ScotEq sets up range of Sandler pensions

Scottish Equitable is introducing a range of group and individual Sandler and Sandler-friendly pension products next month.

The products, which will be launched on June 1, will be positioned alongside the firm’s stakeholder, full advice and recently repriced Sipp offerings.

The Sandler and Sandler-friendly products will have a flexible charging and pricing structure which will enable advisers to keep client pension charges within the 1.5 per cent price cap unless add-ons such as external fund links are chosen.

Further price flexibility will be introduced in Oct-ober, which will enable clients to get discounted annual management fees on certain funds, but adv-iser commission will fall proportionately. Commission details across the new products are still being thrashed out.

The same range of in-house funds available on ScotEq’s stakeholder range will be Sandler-compliant for the new products.

Both the Sandler and Sandler-friendly individual pensions can be traded electronically, which will boost efficiency and ensure that commission returned is accurate.

Advisers will get mailshots detailing the new ranges in the coming week.

Pensions spokeswoman Margaret Robertson says: “The Government has taken a step in the right direction so ScotEq is launching products with a higher charge cap which give more scope to pay for basic advice.”

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