Marks & Spencer Financial Services (M&SFS) has reduced the annual charge and dropped the monthly fee...
Marks & Spencer Financial Services (M&SFS) has reduced the annual charge and dropped the monthly fee on its personal pension plan to make it stakeholder compliant.
On 25 January, the annual management charge was reduced to 0.7%, from 0.75%. The monthly charge of £1.20 was also removed. As before the minimum monthly premium is £10 and there is flexibility to stop and start and change contributions without penalty.
Funds available through M&SFS stakeholder-friendly personal pension plan are the International Managed Pension Fund and the Fixed Interest Pension Fund.
Robert Colvill, chairman at M&SFS, said: "The new charging structure puts M&SFS at the top of the market in terms of flexibility and charges, beating pensions offered by Legal & General, Virgin, Tesco and Friends Provident."
All existing personal pension customers have been automatically transferred to the new charging structure, with effect from 25 January.
Colvill said: "By offering people simple pensions at a reasonable cost we are firmly backing the Government's objective to encourage more people to put money aside for a comfortable retirement."
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