Scottish Life has altered the charging structure of Pension Portfoilo, its individual personal pension product, making it more competitive for larger pension funds.
Under the new structure the annual management charge (AMC) has been reduced for larger funds, for example for a fund of £50,000 the charge will be 0.45%, compared with 0.56% previously.
Scottish Life says the new charging structure is also simpler and clearer than previous structures, making it easier for IFAs to explain charges to their clients, and allowing a simpler competitor comparison.
"From feedback we've received from IFAs, we felt that the existing structure was proving a little too complex; so we've made a number of improvements," explains Keith MacPherson, head of marketing development at Scottish Life.
"In addition to providing a clearer, more transparent description of charges we've also been able to sharpen our charging structure for larger funds, while still remaining competitive for smaller cases.
"I'm confident that these improvements to Pension Portfolio make it an even more attractive package for IFAs to offer their clients."
Further information about the change in charging structure can be found at: www.scottishlife.co.uk/pricing
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