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."
Have your say in the Printweek Poll
Related stories
Latest comments
"Sorry to read this, a big name to go down, hopefully a lot of the £1.8M was insured. We are recruiting operational staff & currently in-talks to assist the clients with immediate requirements."
"£1.8m !! Very big numbers indeed."
"Now black really is white. Ditching a product line with all its consequences for customers is now an award winning move. Priceless!"
Up next...
News comes a year after the Coronation
King and Queen update Royal Warrants
66-year-old firm closes
DCW Penrose shuttered; kit sold at auction
Finishing from start to finish
IFS lauds partners' premieres and Drupa importance
Government emphasised RM's importance to society