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Standard clashes with ScotEq on EPP transfers

Standard Life has criticised Scottish Equitable for mounting a campaign to get IFAs to transfer executive pension plans to personal pensions.

Standard argues that the Government&#39s Green Paper reforms will sweep aside differences between EPPs and PPPs.

It argues that only those people who are expecting to die or retire before the Green Paper takes effect will see the benefits of transferring and points out that all pensionholders who make the change will suffer a bid/offer spread.

But ScotEq says there are 13 reasons why transferring to a PPP from an EPP could be beneficial for clients. It launched a campaign last week to persuade EPP investors who are fully funded to reconsider where they are investing.

Standard Life senior technical manager John Lawson says: “I do not agree that providers should be mounting wholesale campaigns for advisers to transfer EPPs into PPPs. All the differences will become irrelevant at A-day.”

Scottish Equitable individual pensions marketing communications manager John Joe McGinley says: “If someone wants to move into drawdown now, why should they wait another two years?”

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