buy-out plan offers range of funds including lifestyle programmes
Clerical Medical is launching a bulk pension buy-out plan offering investors a range of funds including a Global Equity Tracker, Lifestyle programmes and externally-managed vehicles.
The group's Trustee Buy-Out Solutions is a combined bulk Section 32/Section 32A buy-out plan that accepts transfers from contracted-in and contracted-out final salary schemes.
The plan also offers scheme-specific pricing and has a fully automated process for collecting pricing data and receiving application data.
The plan has a single annual management fee, 100% allocation and no charges on early retirement or transferring out.
Bulk buy-out plans are contracts set up by trustees on behalf of members when occupational pension schemes wind up or are no longer available.
Terms for schemes with non-GMP benefits are already available while schemes with GMP benefits will be available from 1 September.
According to the Occupational Pensions Regulatory Authority, some 30,000 occupational pension schemes are currently winding up, which Clerical Medical said is leading to strong demand for flexible trustee buy-out solutions.
Keith Gilmore, head of retirement planning at Clerical Medical, said: 'Employers are continuing to seek ways of reducing the administrative and cost burdens of providing group pensions for their employees.
'As well as establishing cheaper stakeholder-style schemes for ongoing contributions, many are winding up existing arrangements.'
No preferred charging model
To 1,552 families and businesses
HL and Liberty SIPP slowest
Lifetime and annual allowances