Scottish Life, the pensions specialist arm of the Royal London Group, is set to introduce new business illustrations based on an adviser and consultancy charging basis in compliance with the requirements of the Retail Distribution Review.
Advisers can use these RDR-ready illustrations for Scottish Life individual and group pensions through its online services or from the National Support Unit.
Final testing of RDR-ready new business processing is now underway, due for completion by early December.
The company also confirmed the transitional and pipeline processes it will be using around the implementation of RDR. Fee and commission options will continue to be available until the end of 2012.
A “pipeline” system for advisers who began the process of becoming RDR-compliant before the deadline will be available where individual advice was given or a group scheme established before 31 December 2012, and if the application form is received by the beginning of February for individual business or April for group business.
Ewan Smith, managing director of Scottish Life, said: “Advisers can identify the remuneration options which best suit the needs of their clients and their own business model. And they and their support teams can become familiar with our RDR-ready illustrations. We’re continuing to work with the main industry portals to ensure that RDR-ready illustrations are available in line with their plans.”
