Winterthur Life has launched two products on its Open Pensions platform, allowing investors to acces...
Winterthur Life has launched two products on its Open Pensions platform, allowing investors to access the advantages of personal pensions under a group scheme.
The new products are a contracted-in money purchase scheme and a group AVC. These have already been launched to the public following internal testing.
The Revenue rules implemented in April (IR76) to set up the post-stakeholder pensions regime brought in a facility to allow people to open occupational schemes under personal pension rules. The rules allow members to take tax relief at source and offer the option to take a 25% tax-free sum at retirement in the same way as for personal pension policyholders.
Winterthur does not pay set commission levels on the products but is prepared to pay an annual fee, agreed between adviser and client, to the intermediary from the policy.
They are open to the full Winterthur multi-manager range of about 40 funds. Charges range from 0.4 to 1.5% depending on the funds they are linked to. The company is currently designing Sipp-based products that will be launched in the new year.
Winterthur is also restructuring its sales team in the Midlands and the South. Andrew Finnie is joining from Scottish Life to head up the sales team for London and the Southeast while Andrew Finnie, the current southern regional sales manager, will become sales manager for Midlands and the Southeast.
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