Invesco is to reveal the details of its stakeholder-friendly product, which is to be aimed at the mi...
Invesco is to reveal the details of its stakeholder-friendly product, which is to be aimed at the mid to large corporate market, in early October, writes Robert Stock.
As first reported in Investment Week in May, Invesco had been looking to set up a life office, of which David Butcher will be head of defined contribution business, to enable it to enter the defined contribution pension market and offer a stakeholder product.
The pension product is to be unveiled on 11 October and Terry O'Malley, head of DC sales, said: "We are in the final stages of putting the whole thing together. The product has taken shape very nicely and we are very excited about it."
He said the product could not be called a stakeholder offering as the final shape of stakeholder has not yet been finalised by the Government, but he said: "It is our intention to launch our product with a view to stakeholder compliance within the product.
"It will be aimed at the corporate market, but in the mid to large area and obviously we will define that a lot more specifically at the product launch."
Delays in the regulations on Individual Pension Accounts, which were a way in which fund management houses could get involved in the stakeholder market without launching a life company, caused many to go ahead with life offices. Schroder's along with HSBC are two other investment houses expected to go ahead with life office plans.
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