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Abbey set to recruit 100 staff in blitz on pensions

Abbey National is poised to blitz the stakeholder market as it recruits a

nationwide salesforce of 100 “stakeholder managers”.

The company says it is acting in response to other lenders shunning the

stakeholder market, believing it will be unprofitable.

Abbey says it is planning to “punch the weight” of its brand in the

pension market and has already started bringing on board stakeholder

specialists for a June start date.

The new recruits will be responsible for selling the pensions to

individuals and employees and, in the run up to stakeholder&#39s April 2001

launch, they will aim to generate leads and speak to potential clients on

the impact of stakeholder.

The move follows recent reports of a radical reorganisation at Abbey

involving the loss of an undisclosed num ber of existing staff and the

creation of 400 new jobs.

One hundred of these appointments will be dedicated to stakeholder sales.

Abbey says the salesforce will be mostly recruited from within its ranks

and will be compliance-aware.

The company says many of its competitors are spending too much time

complaining about the low-margin conditions for stakeholder and are failing

to see the low-cost schemes as a potentially fertile business opportunity.

Spokesman Tim Harrison says: “We are currently very small in the pension

market but we are looking to punch our weight.”

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