I read with great interest the article, Providers are in A-Day meltdown (Money Marketing, August 3).I have great sympathy for the likes of Mr. Jacob and his clients but the news comes as no surprise to many of us in the pension industry. This is yet another instance of poor standards of administration meted out by the product providers. This time, they have come up with A-Day as an excuse and, boy, is this lame. It seems that every week we hear tales of awful admin and woeful service provided to IFAs and their clients by the big life offices. We have all now come to expect poor standards. What has me spitting feathers is that IFAs persist in using insurance product providers for mainstream pension business when there are much better alternatives available, notably from the Sipp and SSAS specialists. If only they were less blinkered in their approach. There are companies like the Pal Partnership that provide a far superior, cost- efficient pension product range aimed directly at the IFA. We pride ourselves on high standards of service to IFAs and their clients. Our Sipp offers a low-charged alternative, coupled with one of the best interest rates on cash deposits of any Sipp on the market. We even chase down transfers for the IFA. What insurance product provider can boast about that? We read that the Prudential is being stifled with applications and also about IFAs waiting for the launch of the Pru Sipp. How does the blinkered IFA think that a new product launch can possibly help? All that will happen is that the Pru’s lamentable admin and service will be under even more pressure. So we will hear more complaints about service juxtaposed with new product offerings which will no doubt lead to more complaints about service because the Pru cannot cope as a new product line puts even more pressure on the existing administration. And on we go. There is an alternative, which the trade press does write about occasionally. We at the PAL Partnership sailed through A-Day and so did many other Sipp and SSAS specialists. Your readers need to know this and I call on you to educate IFAs about the alternatives out there and to put a stop to kowtowing to the product providers with their big hospitality and marketing budgets.
The PAL Partnership