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ScotMut helps IFAs target retirement market

Scottish Mutual is redesigning its Complete Retirement package which is aimed at helping IFAs target the flexible retirement market for high-net-worth clients.

The package consists of a range of tax-efficient products such as income drawdown and phased retirement aimed at higher-net-worth investors with £100,000-plus to invest.

New additions to the package include the contemporary occupational withdrawal and the contemporary protected rights income-withdrawal plans. There is also a new charging structure which includes 100 per cent allocation and a 1 per cent annual management charge

ScotMut estimates that the market for these products is worth £13bn a year and that only 30 per cent of maturing pension funds are currently used to buy flexible benefits.

To support the relaunch, ScotMut is embarking on a marketing campaign in the trade press and via direct mail. There is also a marketing support pack providing IFAs with sales ideas.

Abbey National for Intermediaries director Ambrose McGinn says: “The Complete Retirement package offers access to one of the widest ranges of pension funds in the marketplace and is particularly attractive for its extensive range of underlying investments and its transparent charging structure. The real beauty of CRP is that while it is easily one of the most sophisticated investment tools of its kind, the principle on which it operates is extremely simple and is very easy to understand.”

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