The Printing Industry Pension Scheme (PIPS) has chosen Legal & General as the sole provider of stakeholder pensions for its members.
The scheme will have a single price charge of 0.87% for pension administration and promotion.
The deal was negotiated between independent financial adviser Meridan, acting closely with the BPIF and GPMU, and Legal & General.
Meridan partner Alan Hudson said many pension companies were struggling to keep under the 1% cap for charges on stakeholder pensions required by the forthcoming 2001 Welfare Reform Bill. He added: "In the past there were high up-front charges in the early years. Under this scheme money will grow quicker."
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