Scottish Mutual is scaling back its pension ambitions, turning its back on group pensions to focus on Sipps and the post-retirement market.
An industry source has told Money Marketing that ScotMut is making the move by no longer offering incentives to its broker consultants to sell group pensions.
ScotMut closed its with-profits fund at the end of last year and earlier in 2002 took the decision to stop actively marketing stakeholder, sparking concerns among IFAs about the commitment of parent company Abbey National to the ScotMut brand.
The company says it does not discuss commission levels publicly.
Abbey National for Intermediaries director Hugo Thorman says: “Scottish Mutual offers both group and personal pensions and the marketing emphasis on our core streams of business does vary from time to time. We have recently made a decision to act-ively target the post-retirement market and Sipps.
“However, group pension business is still an important part of Scottish Mutual's portfolio of business and we will continue to take increments and new members.”