Clerical Medical has introduced a new pension commission model designed to award IFAs for persistent business.
Although the mono charge model will continue to be available, the firm is offering an additional charging structure offering better long term values and higher commission, particularly for businesses of five years plus.
The complex Lautro scale is being replaced with a single initial commission option and a fixed 36-month clawback term.
Clerical Medical manager of pensions development, Mike Brown, says: “This move is about offering greater choice, improving long-term value for clients, encouraging the advice model and rewarding persistent business in what is a long-term savings product set.
“In addition to a monocharge commission structure, Clerical Medical is now offering interim fund charging which is a shorter term charge structure with higher long-term values.
“Pensions are a long term investment and consumers need support in choosing the right pension and building that pension pot through to retirement.”
These changes to commission will take effect from 9 July.
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