Scottish Life improves pension portfolio charging structure

Scottish Life, the pensions specialist arm of the Royal London Group, has improved the charging structure of Pension Portfolio, its innovative and successful individual personal pension product.
The new charges are designed to be particularly competitive for larger pension funds; for example, the annual management charge (AMC) for a fund of £50,000 will be 0.45%, compared with 0.56% previously. The AMC reduces further still, as the fund size increases, with funds of over £500,000 having an AMC of 0.35%.

The new charging structure is also simpler and clearer than previous structures, making it easier for Independent Financial Advisers (IFAs) to explain charges to their clients, and allowing a simpler competitor comparison.

Keith MacPherson, Head of Marketing Development at Scottish Life commented: "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. 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."

Other elements of the Pension Portfolio proposition include:

The recently enhanced investment offering
The highly successful Income Release facility
Scottish Life's improved service performance