View more on these topics

Stakeholder offices ready to add charge

Life offices say they may introduce an up-front charge on stakeholder pensions if it is decided that personal accounts are to operate under a hybrid charging structure.

Scottish Widows head of pensions market development Ian Naismith says if the Personal Accounts Delivery Authority chooses to run personal accounts with a combination of an initial charge and an annual management charge, it could lead stakeholder providers to do the same.

Naismith says: “It is encouraging that Pada is looking at an up-front charge as well as an AMC. This would be beneficial for stakeholder because it could mean we extend an initial charge to these contracts.”

Legal & General wealth policy director Adrian Boulding says charging structures are going to be key to medium-sized employers deciding whether to go with personal accounts or carrying on with their group personal pension or stakeholder schemes.

He says: “What personal accounts do on the charging structure is going to shape what happens in our marketplace.

“Essentially, it will be driven by the customer. If the customer wants single-charge products, then we will supply this and it may be that we will outsell personal accounts. But if personal accounts adopt a multi-charge structure and the customer likes that, then the rest of the market will go that way.”

Aegon head of pensions development Rachel Vahey says: “I do think that the rationale for stakeholder sch eme charges to stay how they are is not strong if personal accounts adopt a different type of charge. Essentially, they are exactly the same product – a low-charged pension plan.”


Legal & General mortgage club arranged £26bn worth of mortgages in 2007

Legal & General mortgage club arranged almost £26bn worth of mortgages in 2007, up 16 per cent from the previous year.The club now has over 10,000 members.L&G mortgages director Ben Thompson says: “Our figures for last year look very healthy and we don’t intend to let a slowing market hold us back in 2008. To […]

Premier picks chief for global fund

Premier Asset Management has appointed Michael Jennings as investment manager of global equities. He joins the firm on March 3 and will run a global absolute return fund.

Flight latest to criticise Gov’s tax plans

IFA champion and former Conservative Shadow Treasury chief secretary Howard Flight has hit out at the Government claiming overspending and increased taxation has resulted in lower productivity and is driving budding entrepreneurs out of the UK.Speaking at the Enterprise Investment Scheme Association awards last night Flight, who is chairman, said Britain needed to nurture its […]

Principal adds offshore funds to Vantage

Principal Global Investors has added its Dublin-based funds to Vantage, Hargreaves Lansdown’s funds platform. The asset manager, with $244.9bn under management, will add its global equity, European equity, Asian equity, emerging markets equity, Japanese and US equity funds to the platform in a bid to introduce UK retail investors the opportunity to gain access to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm