UK - Scottish Equitable has launched a new flexible personal pension plan aimed at high net worth individuals.
It says the plan is designed to remunerate the adviser for the advice given and offer clients the potential of outperformance in relation to conventional single-priced products.
The scheme also offers a self-investment option which will be further developed to provide access to a fund supermarket covering over 500 funds run by 30 fund management houses.
Scottish Equitable head of individual marketing Douglas Jones said: “Downward pressure on charges is squeezing advice out of the market and advisers are seeking new solutions.”
This week's top stories included the Department for Work and Pensions issuing two separate consultations on the pensions dashboard and defined benefit consolidation.
A regime similar to that for defined contribution (DC) master trusts will be set up for regulating defined benefit (DB) consolidators under plans announced today.
Defined benefit (DB) superfunds that wish to enter the market must talk to The Pensions Regulator (TPR) about their plans before opening for business.