Friends Provident cuts Stewardship charge

Friends Provident has reduced the annual management charges on its Stewardship Pension, Managed Pension, Life and Stewardship Managed Life funds. Charges were reduced from 1.125% to 0.75% from 8 May and the new fees apply to both new and existing policyholders. Jim Murdoch, communications manager at Friend Provident, said the move had nothing to do with the imminent launch of stakeholder pensions and was aimed more at promoting the group's ethical range. As of 2 July pension fund trustees will have to determine the ethical stance of scheme members and take into account socially responsibl...