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Section 32
Introduction
A-Day has now come and gone and after many debates in the build up to it - about the need for an Individual Buyout Plan in the post A-Day marketplace - we're still here and we're still providing.
It was thought by some that A-Day would reduce the need for Buyout Plans (Section 32). While this may be the case for some of your clients, for others it may still be beneficial for them to consider a transfer to our Section 32. This could in certain circumstances, be a particularly attractive option for those with a pre A-Day tax free cash entitlement greater than 25% of the fund.
The need for a Section 32 was identified at a time when many providers were pulling out of this arena, ultimately running the risk of isolating their current customers. And, although the market is much smaller, it is still very significant and there are still people who fit this category.
This site should give you the answers that you might be looking for. If not, please contact your sales consultant.
Why a S32?
Why would your clients consider our Section 32 now that A-Day has passed? The Scottish Widows Section 32 is a vehicle for investing the transfer value from an employer sponsored registered pension scheme in to a wide range of funds.
If your client is a member of an employer's scheme, the trustees of the scheme are in control of the investment strategy. They also have a say in when your client can take their benefits even if they have left their employment.
Transferring to a Section 32 allows your client to take charge of their investment and gives back the control over how and when they should take their benefits.
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