UK - Prudential is set to re-enter the personal pensions market after securing first place on national IFA Millfield's regulated multi-tie panel.
The appointment is Pru’s second by a national IFA this year having previously been added to Sesame’s multi-tie panel. The Pru believes the latest appointment will boost its distribution network significantly.
Millfield is one of the UK’s largest national firms of IFAs with approximately 1850 members. Prudential is the first appointed provider on Millfield’s multi-tie panel, although further providers will be added later this year.
Prudential said that it saw the development of a national multi-tie as a key component of its distribution strategy with national IFAs accounting for almost 28%of the IFA marketplace.
Prudential UK & Europe chief executive Mark Wood explained: “By jointly working with Millfield in the design of its multi-tie, we aim to support its new management team in the creation of a highly effective multi-tie that meets the changing needs of the UK intermediary market.”
Prudential is planning to use its multi-tie operation in a bid to relaunch its personal pensions business following a two-year absence.
The firm is understood to be considering a stakeholder-friendly personal pension in the first half of 2005 and a stakeholder pricebuster later in the year.
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