Threadneedle will close down its retail defined contribution (DC) pension business and will advise all investors to move their pension products to Legal and General (L&G).
Threadneedle will continue to offer investment-only products to trustees and pension plan sponsors. The asset manager would not disclose the number of group and individual DC pensions it holds, but DC assets currently do not exceed £600m. Under the deal, investors who accept L&G as an alternative provider will have their pension products transferred to the L&G's WorkSave platform by early 2012. Those who refuse L&G must make arrangements to transfer their fund elsewhere. Helen Buchanan, distribution director for L&G's workplace savings, said the deal gives the insurer the chance...
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