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Interesting to note how quickly the industry moves these days when it comes to shutting products down. That’s L&G, Skandia and Transact all removing what were effectively high net worth individual tax dodges.

Whats more interesting however is Skandia’s assertion that they were already planning on pulling MIPs with RDR (banning commission) on the way next year. That does imply, to me, that in the age of commission/adviser fee transparency that at least one provider thought that MIPs wouldn’t survive even as a high net worth tax break.

Does that imply that their real benefit was in generating generous regular premium commission for financial advisers, rather than serving as a top up tax break for those already maxed out on their pension allowances? Makes you think, doesn’t it.


No advice has been provided by Scottish Friendly. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk. Advisers may charge for providing such advice and should confirm any cost beforehand.