Royal & SunAlliance UK Life & Pensions has produced a support pack to help IFAs explain what the Sta...
Royal & SunAlliance UK Life & Pensions has produced a support pack to help IFAs explain what the State Second Pension (S2P) is and rebates are calculated.
Pack designed to help establish whether or not a client should contract out of the S2P.
Its contents include an Excel spreadsheet has been developed by Royal & SunAlliance which calculates an individual's pivotal age, as well as a plain English guide to the S2P and training material to help the intermediary explain how the pensions credit integrates with the Minimum Income Guarantee.
Commenting, Andy Milburn, Corporate Promotions Leader at Royal & SunAlliance says: "Feedback from key IFAs has made it clear to us that there is a general apathy surrounding the State Second Pension which can be attributed to a lack of understanding. The changes in pensions legislation over the last few years coupled with 1% charging and the introduction of fund tiering in particular, have created an array of potential contracting out decisions," says Milburn.
"As a result we are left with a scenario where IFAs may not have considered all the options available to their clients, who are also in a state of confusion. Royal & SunAlliance has produced this pack to guide IFAs and their customers toward making the right choices."
Industry Voice: Scottish Widows pension expert Robert Cochran and economist Andrew Scott discuss the future of employment and income, in episode three of Scottish Widows' podcast series.
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