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Standard says internal transfer commission will help retain business

Standard Life says the introduction of up to 5 per cent commission on internal transfers between its personal pension and its Sipp is designed to give it a “fighting chance” of retaining business that was moving to other providers anyway.

The revelation follows the firm’s recent announcement that it has put aside £79m to cover pensions policy lapses.
But Standard Life product manager Alistair Hardie denies the move represents a rearguard action against leakage and says it merely gives the firm “a fighting chance” of keeping business that was moving anyway.
He also says the introduction of commission is not an attempt to drive more business into its Sipp.
Rival Sipp provider AJ Bell says it alone has ploughed £42m over the last three months in leaked Standard Life business into its Sipp.
Bell says: “The move is designed purely to stop the migration of PP money, which up until recently has been retained on the promise of a demutualisation bonus.”
Hardie says: “All we are doing is saying the standard terms are available for internal transfers just as for business that moves into our Sipp from outside. We are not using commission to drive internal transfers to Sipp.”


Thomas alters the ecology of Jupiter fund

Jupiter ecology fund manager Charlie Thomas has reshaped the fund since he took over three years ago to reduce its reliance on its top 10 holdings. In September 2003, the top 10 holdings made up half of the fund but Thomas has slashed this proportion to 28 per cent. He has also reduced the 92-stock […]

Tee and sympathy

Alan Easter got more than he bargained on a recent golf trip to La Manga. Easter, Hanover’s Pat Field and MNFA’s Damien Bradbury clearly took a detour via the 19th hole before rather than the usual apres golf, as by the time Easter reached the 11th, he had seemingly lost control of his buggy. Although […]


Is Norwich Union right to say that too many people who would be better off in a personal or stakeholder pension have been put into higher-charging Sipps?Yes 60%No “I am surprised by this. I cert-ainly have not done this and I do not agree with what Norwich Union are saying.” Garth Atherton, Thomas Beales Yes […]

Websites claim to end face-to-face advice

A Surrey IFA has set up two internet sites which claim to provide full online advice without the need for face-to-face meetings. Churchouse Financial Planning says most websites claiming to offer online advice only give information and clients are then required to make an appointment with an adviser. The and websites say they […]

Industry under fire over pension freedoms

By Jamie Clark, Business Development Manager, Royal London Recent articles in the media have raised concerns about the new pension freedoms. One perceived problem is that across the industry, trustees and providers are not necessarily allowing people to take full advantage of the pension freedoms in situ. This is backed up by a recent survey by […]


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