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Winterthur Life offers excellent Section 32 option

28 July 2005
As a result of opportunities A-Day reforms will bring, Winterthur Life will be offering a completely flexible Section 32 option.

The plan fits well with occupational scheme members with the tax-free lump sum who want increased retirement benefits. It allows a client to protect their lump sum and use the benefits during retirement without losing their tax-free cash allowance.

Winterthur believes this could save pensioners thousands of pounds.

The company's self-investment option under Section 32 means that members have one of the most flexible policies available post A-Day.

They will be able to invest in stocks, shares, gilt-edged investments, unit trusts, investment trusts, deposit funds and commercial property.

Mike Morrison, pension strategy manager at Winterthur, believes there is a "huge potential" for new business before A-Day's pension simplification.

He said: "The range has been restructured after we recognised the importance of allowing pension scheme members to take advantage of the new rules so they don't lose out on benefits."

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