Scottish Life has launched Retirement Solutions (RS), aimed exclusively at IFAs. Effectively three p...
Scottish Life has launched Retirement Solutions (RS), aimed exclusively at IFAs. Effectively three products in one, RS enables IFAs to choose the product, or combination of products, most appropriate for a specific client.
RS can be a stakeholder plan, a group personal pension, an occupational money purchase plan, or any combination of the three.
The product offers a range of 17 internal and 26 external funds, including funds from Scottish Life International. There are also 18 Retirement Investment Strategy options. Various adjustments can be made to the pricing structure of RS, including tactical pricing for larger schemes and reduced costs where employers carry some of the scheme's running costs.
A range of protection options can be added to all pension contracts, including two levels of payment protection cover for disability and unemployment, group life and group PHI.
The group's Online solutions product is being marketed with RS as it provides tailored services for employers, trustees and members, by means of a full 'end to end' process, covering the establishment, maintenance and alteration of scheme and individual data online. At the same time, the group is carrying out a nationwide roadshow to examine the practical aspects raised by recent changes in worksite marketing, assisted decision trees and e-commerce.
RN53, a rule notice from the PIA, has upheld an earlier proposal that required authorised personnel to talk through decision trees and prove that the person receiving the information has a copy of the decision tree in front to them a difficulty when talking over the telephone.
Steve Bee, the head of pension strategy at Scottish Life, said: "Our product can be operated over the internet, where it is possible to record a person's viewing of a decision tree by the clicks of their mouse. I welcome the new rules as they bring clarity to pension selling."
RN53, issued in November 2000, also stipulates that only authorised people can speak at worksite marketing meetings. This is because it is assumed that only a PIA-regulated person will know when they are giving information and when they are giving advice. For further details call 08457 19 20 21.
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