UK - Skandia is to launch a range of single-priced pensions products from September to meet IFA demand for simple charge disclosure.
The single priced charging structure aims to be transparent and easy to understand and enables advisers to unbundle the various costs of the pension wrapper, the investment funds and advice to the client.
The charging structure for the pension products is split into three elements – the annual management charge, the fund management charge and the IFA commission charge.
For group pensions the annual management charge will be 0.5%.
Skandia brand manager Billy MacKay explained: “IFAs have told us multi-manager product structures which provide simple charge disclosure alongside comprehensive, competitive and flexible remuneration system are the future of the pension market for them and their clients.”
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.