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Widows questions Killik switch

Scottish Widows is questioning the motives of Killik & Co after the stockbroker swit-ched its group pension scheme to a third provider in just two and a half years. Killik will earn commission from Friends Provident as it is acting as its own broker and was also previously paid commission by Widows.

Killik marketing director Philip Browne says the switch reduces its group scheme’s amc from 1 to 0.9 per cent and provides its employees with a greater fund choice. He says the FSA is not investigating the switch.

He would not be drawn on the provider switch coinciding with the expiry of the typical provider group scheme commission clawback period of 30 months.

Browne says: “That is one perspective that you could take but any company wants to provide better terms for its staff.”

A Scottish Widows spokes-man says: “We can confirm that we have written to Kil- lik group scheme members to give our opinion of the change of providers.”

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