Scottish Provident announced last week that it will be offering a free switch option for new customers wishing to switch into the gross roll up life funds that are due to come into force on January 1st.

The free switch applies to all investment bonds taken out between November 2nd and December 31st. Mr David Overy, head of sales and marketing at Scottish Provident, said it was imperative to talk to brokers for advice before making any switch. "Since the new regime will become effective in less than two months, if it is suitable for one of our clients, we don't believe it's fair to charge them for this option," he said.