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Stakeholder hits pension managers&#39 pay

Pension sales managers are the lowest-paid intermediary sales managers,

earning £12,000 a year less than their investment counterparts thanks

to stakeholder pensions.

Recruitment specialist Paul Harper Search & Select findings interviewed

136 intermediary salespeople in 22 companies for its Senior & Specialist

Intermediary Salary Survey May 2001.

It showed stakeholder has eroded margins on pension products and cut the

number of posts available.

The average basic salary for a pension sales manager is £34,423 and

total remuneration is £60,833 compared with £60,750 and

£72,940 for investment sales managers.

The demand for investment sales managers from investment houses expan-ding

their retail sales teams by cherrypicking sales staff from major life

offices has led to relatively high salaries.

But the report says: “It will be interesting to see how this changes in

the next year if the current stockmarket downturn continues.”

Another finding is that IFA managers earn about £62,400 in total and

have a basic salary of £51,200 while sales managers employed by

product providers earn £65,692 and have a basic salary of £43,423.

The survey says this difference stems from because bonuses forming a much

lower percentage of the IFA managers overall package.

Basic salaries start at £27,700 and reach £60,000. National

account consultants and broker consultants have the lowest basic in the

£26,000 to £30,000 range.

DOCE:

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