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Standard Life revamps EPP

Standard Life has ditched its range of occupational pensions in favour of single-charged plans. The range consists of an executive personal pension, group money purchase plan, group AVC and premier small self-administered scheme.

The EPP provides access to 20 Standard Life funds covering areas such as UK equity, European, property, Far Eastern and ethical funds. There are eight external fund links from Deutsche, Fidelity, Gartmore and Threadneedle.

EPPs have some advantages over personal pensions and stakeholder schemes. For example, an employer can make a single premium contribution to allow an employee to catch up on a missed contribution.

The Standard Life EPP is more competitive in terms of charges than Skandia&#39s Multipension executive pension, which has an initial charge of 5 per cent and an annual management charge of 0.75 per cent. However, the Skandia product offers 222 external funds which may justify the higher charges if the best performers can be chosen.

According to Standard & Poor&#39s, four Standard Life funds are first quartile, five are second quartile, five are third quartile and two are fourth quartile based on £1,000 invested on a bid-to-bid basis with net income reinvested over three years to February 1, 2002. There is no three-year past performance for the with-profits, global selector, UK smaller companies and structured funds.

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