A J Bell Group has attacked providers for what it says is a "total abdication of responsibility" towards clients who have bought into Executive Pensions Plans (EPP) ahead of rule changes being introduced with A-Day.
It says the future of EPPs post A-Day could be at risk, with insurers handing over the responsibility of scheme administration to trustees and many companies closing their EPPs to new business. The news follows the annoucement by Scottish Equitable, one of the UK’s largest insurers in the executive pensions market, that it will not act as either scheme administrator or scheme practitioner for EPPs after A-Day. Norwich Union, Clerical Medical, Scottish Widows and Equitable Life have all made similar announcements. Skandia and Standard Life have indicated they intend to offer a full serv...
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