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Scottish Life improves Pension Portfolio charging structure
08 April 2009
Scottish Life, the pensions specialist arm of the Royal London Group, has improved the charging structure of Pension Portfolio, its innovative and successful individual personal pension product.
The new charges are designed to be particularly competitive for larger pension funds; for example, the annual management charge (AMC) for a fund of £50,000 will be 0.45%, compared with 0.56% previously. The AMC reduces further still, as the fund size increases, with funds of over £500,000 having an AMC of 0.35%.
The new charging structure is also simpler and clearer than previous structures, making it easier for Independent Financial Advisers (IFAs) to explain charges to their clients, and allowing a simpler competitor comparison.
Keith MacPherson, Head of Marketing Development at Scottish Life commented:
"From feedback we've received from IFAs, we felt that the existing structure was proving a little too complex; so we've made a number of improvements. In addition to providing a clearer, more transparent description of charges we've also been able to sharpen our charging structure for larger funds, while still remaining competitive for smaller cases. I'm confident that these improvements to Pension Portfolio make it an even more attractive package for IFAs to offer their clients."
Other elements of the Pension Portfolio proposition include:
- The recently enhanced investment offering
- The highly successful Income Release facility
- Scottish Life's improved service performance
Further information about the change in charging structure can be found at: http://www.scottishlife.co.uk/pricing
- ENDS -
For further information please contact:
Scottish Life
Alasdair Buchanan, Head of Communications
0131 456 7133
Polhill Communications
Sally Biggs
0207 655 0520
Editor's Notes:
Scottish Life was founded in 1881 in Edinburgh as a proprietary company, becoming a mutual company in 1968.
On 1 July 2001, Scottish Life demutualised and transferred its business to The Royal London Mutual Insurance Society Limited. Scottish Life is a division of Royal London and is the specialist pensions business within the Group, providing individual and group pensions to the market via intermediaries.
Scottish Life and Royal London's other intermediary businesses are based mainly in Edinburgh where 1,180 staff are employed, with 720 working in other parts of the UK and overseas.
Royal London Group, is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:
- Scottish Life - UK pensions market
- Bright Grey - UK protection market
- Scottish Provident - UK protection market
- Royal London 360° - offshore investment markets
- RLAM - fund management
- RLAS - life and pensions administration
- Fundsdirect / Ascentric - funds supermarket; Wrap platform
Royal London also distributes life and pensions products through Abbey's national branch network.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £35.0 billion. Group businesses serve around 3.6 million customers and employ 2,890 people. Figures quoted are as at 31 December 2008