29th July 2014

Scottish Life: Our charge cap and commission stance

Our workplace pension charges will be changing to comply with the new legislation capping default fund charges and banning commission and consultancy charging on qualifying and auto enrolment schemes.

Continuing to pay commission for new and existing members until April 2016

We’re committed to the intermediary market which is why we are implementing these changes in a way that supports your business, primarily by:

• Continuing to pay initial and trail commission for new and existing members until April 2016, or until the employer’s staging date, if later;
• Re-pricing schemes individually so the annual management charge (AMC) will be at a market-competitive price. We may charge some employers a fee so that we can continue to provide the same high quality of service.
• Adding adviser charges to our group personal pensions once commission is removed.

To read more about our charge cap and commission stance visit our website.

Auto-Enrolment, Pensions