Clerical Medical is featuring an additional 1% allocation on all new single contribution personal pe...
Clerical Medical is featuring an additional 1% allocation on all new single contribution personal pension plans, from 24 January until the end of April.
The offer applies to all single contributions and transfers with the term to retirement being at least five years.
The offer is part of the group's campaign on the benefits of carry forward/back, as the benefits may be withdrawn from 6 April 2001.
Proposals to abolish carry forward/back came to light last year in the Government consultation paper concerning tax and stakeholder pensions. Although it is not yet definite, in light of the proposals the industry expects there to be a push in the single contribution market.
Clerical Medical's campaign on carry forward/back aimed at IFAs has included the recent addition of a waiver of contribution option on single contribution pensions and a carry forward/back calculator CD-Rom.
It also plans to send promotions packs to IFAs containing direct mail leaflets that would help intermediaries target current clients as well as marketing aids to help develop business relationships with professional groups such as accountants. The pack is due to go out in mid-February.
David Flint, senior sales development executive at Clerical Medical, said: "The single contribution pensions market is expected to grow in the run up to the introduction of stakeholder pensions in 2001.
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