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Turner’s scheme to cut IFAs out of the pensions market says Standard’s Lawson

Adair Turner’s proposal for a National Pensions savings scheme could cut IFAs out of the pensions market warns Standard Life head of pensions policy John Lawson.

As the scheme will force providers to offer pensions at a charge of just 0.3 per cent, Lawson says any such scheme will be too cheap to cover the cost of paying commission to financial advisers.

In order to opt out of the scheme employers are likely to be forced to make contributions of above 9 per cent but such schemes are typically advised on by pensions consultants on a fee basis.

Lawson says: “Turner has cut the IFA out of the group and individual pensions market as at this price it will be impossible to include the cost of advice.”

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