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Wesleyan go for lower cost pension as Stakeholder approaches

Wesleyan Assurance Society has introduced the new lower cost personal pension plan.

The company is aiming the scheme at the self-employed and people who have not yet joined a company pension scheme. Wesleyan has brought the scheme in as a part of the push for more low cost products, but it is not marketing this product as a stakeholder-friendly pension.

Wesleyan has given the plan a tiered charging structure based on the fund size. For funds of between £1 and £24,999 the annual management charge is 1.25 per cent, for funds of between £25,000 and £49,999 the annual charge is one per cent and for funds of £50,000 and over the annual charge is 0.9 per cent.

The main reason why Wesleyan is not marketing this as a stakeholder pension is that the annual management charge for smaller funds breaches the one per cent maximum for stakeholder products.

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