The ABI is wasting its time in lobbying to get with profits included in stakeholder. With-profits ha...
The ABI is wasting its time in lobbying to get with profits included in stakeholder. With-profits has hidden costs, such as the market value adjuster, and extra charges to pay for the smoothing of returns, both of which the ABI think can be accommodated by adding in a discretionary 0.5% charge on top of the basic stakeholder 1%. The Government is not going to tear up the rulebook on its forthcoming flagship pensions regime just to keep the life industry happy. Having stated its commitment to transparency and a fixed maximum charge, letting in with-profits really would be the thick end of t...
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