M&SFS cuts charges to fit stakeholder

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...