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&#39Quality mark could boost stakeholder&#39

Legal & General is calling on the Government to award firms which contribute to stakeholder for staff with an accreditation mark

The company says the Approved Retirement Planning mark could become a recognisable tool for recruitment and marketing purposes.

As part of a series of proposals which are aimed at improving stakeholder contribution rates, L&G says the mark could be sponsored by the Department for Work and Pensions.

To qualify for the stakeholder accreditation, employers would have to contribute 50p for every £1 saved by staff.

The life office rejects compulsion for employers or employees, saying that many small companies and lower-earning employees can often not afford to make contributions.

Instead, it says for two years the Government should match every £100 savings by workers with £50 to encourage savings among those who are not saving for retirement.

It estimates that the incentive would cost £1.8bn for each of the two years but says the money would have been spent by the Government on pension tax relief anyway.

Head of public relations John Morgan says: “We have always been against compulsion for employers. Our view is that the accreditation scheme is a sensible position to adopt, short of compulsion, which will motivate employers to contribute to stakeholder.”

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