Legal & General has launched a marketing initiative to gain business from IFAs wanting to make the m...
Legal & General has launched a marketing initiative to gain business from IFAs wanting to make the most of carry-forward rules before they are abolished next April.
The option allows customers to pay a personal pension single premium at retirement and immediately convert it to a tax-free lump sum and pension income via the company's conventional or with-profits annuity.
Andy Agar, L&G's pensions marketing director, said the traditional two-step method was time consuming.
Legal & General has also introduced quotation and application forms which incorporate the single premium and annuity aspects of the transaction.
The minimum contribution is £1,000 after tax relief and maximum personal pension contribution limits apply. The allocation rate is 100% with no bid/offer spread or annual management charge. One percent of annuity purchase consideration is paid as commission.
Targeting intermediary market
Represents £8trn in assets
Simplify and modernise
Retirement Planner Forum 2019