Initial commission cuts bad for retirement saving - NU

Following an announcement from AXA, saying it would be withdrawing initial commissions from group pension sales, Norwich Union confirmed it has no plans to withdraw initial commission on its own products. NU says initial commissions on corporate pension arrangements help broaden retirement saving provision. Employers are often unwilling to meet the full cost of GPP advice, NU claims, and withdrawing initial commissions will result in less people having access to a pension fund and reduce retirement saving in the UK. AXA says it has dropped initial commissions to focus on fee-based dis...