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Scottish Life hopes IFAs will make beeline for new guide to pensions

Scottish Life has launched a new online service with the aim of simplifying the UK pension system for IFAs.

The Bee Lines Online service is available on the company&#39s website at www. scottishlife.co.uk.

It is written by Scottish Life&#39s head of pensions strategy Steve Bee and builds on his workshops and other initiatives to educate IFAs on pension developments such as stakeholder.

The first element of the service covers stakeholder access requirements inclu-ding employer exemptions and what makes a group personal pension an acceptable alternative to stakeholder.

To “take the sting out of the pension system”, Bee has created three flowcharts to cover different aspects.

The first flowchart deals with employer exemption and the concept of “relevant” employees.

If the employee is classed as relevant and the employer has more than five staff, a stakeholder scheme must be provided.

Flowchart two works through issues to be tackled if there is a GPP in the company. The final flowchart asks the question of whether a GPP can be classified as an “acceptable alternative” to stakeholder.

Bee says: “The service not only allows us to keep up to date with what is going on in the pension arena but also allows us to reach a much wider audience.”

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