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Skandia prepares for A-Day rush with s32 launch

Skandia is entering the section 32 buyout market for the first time as it anticipates huge demand ahead of A-Day.

The provider is adding an s32 plan to its single-priced pension range aimed at IFAs looking to ringfence tax-free cash and death benefits before the new pension tax regime comes in.

IFAs have welcomed Skandia&#39s launch of a single-charged s32 plan in a market where many providers still offer pre-stakeholder contracts with bid/offer spreads.

Skandia says the product will benefit investors with death benefits and tax-free cash in excess of 25 per cent who do not want to lose out when the new rules come in.

Pension brand manager Billy Mackay says: “With future benefits after A-Day based on a personal pension-like structure, many trustees will need to consider the logic of retaining existing schemes that carry trustee duties and responsibilities. Skandia&#39s s32 product will provide an ideal solution for ringfencing the accumulated benefits and funds.”

Millfield pension specialist Graham Duckett says: “This is an excellent move from Skandia. This market is wide open and has so few players at the moment. We are gearing up for a big push in this area before A-Day, when you will see a lot of deferred contracted-in and contractedout money-purchase arrangements wanting protection.”

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