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Scottish Equitable cutting charges on new pensions

Scottish Equitable is cutting charges on new pensions and drawdown contracts by offering new customers a rebate on the annual charge.

Individual and group pension policies taken out from March 1 will get an annual rebate of 0.25 per cent when the fund exceeds £50,000. This effectively reduces the AMC to 0.75 per cent.

This will apply to all new group and individual personal and stakeholder pension as well as new executive pension plans and contracted-in money-purchase business.

ScotEq is also reducing charges on income drawdown and phased retirement business. The annual policy fee of £46 is being removed on new drawdown plans and some new phased business.

Drawdown and phased retirement policies will get an annual rebate of up to 0.5 per cent. This varies according to the amount invested at the start of the policy and is fixed throughout its duration.

The changes apply only to new business and there are no plans to make wholesale reductions to charges on existing business.

ScotEq has been criticised recently by IFAs for not repricing existing contracts.

Head of group pensions marketing Colin Bell says: “Scottish Equitable is committed to developing its individual and group pensions product propositions continually to meet changing market needs. The new fund value rebate will give IFAs a price structure for their clients that is among the very best in the market.”

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