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Winterthur ditches pension fee

Winterthur Life is removing the 1 per cent contribution charge on

regular-premium pensions next month due to stakeholder pressure and to make

investment returns more competitive.

It says personal and executive pensions in its regular-premium range offer

an alternative to stakeholder for clients who want a cost-effective premium

contract.

It says people with a 1 per cent stakeholder contract face a reduction in

yield of 1.07 per cent on their investment and could now get a higher

return on their investment with Winterthur.

With the removal of the admin charge on July 1, clients with a regular

premium pension policy worth £250,000 will face a reduction-in-yield

charge of 0.35 per cent, those with £100,000 face an RIY of 0.4 per

cent and on £50,000 it will be 0.47 per cent.

The new charging structure applies to everyone who have taken a policy out

since November 1999 as well as new policyholders. Winterthur says this is

commercially viable because it has streamlined processes and systems.

Individual pensions product manager Sandra Fulton says: “This lets IFAs

offer a better contract to clients.”

DOCE:

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