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Big two vie for stakeholder top slot

Norwich Union and Standard Life are head to head in the battle for winning stakeholder market share, controlling nearly half of IFA stakeholder business.

NU says it has more than 25 per cent of the stakeholder pension market through IFAs, with Standard saying it has more than 20 per cent, meaning that the top two companies have secured nearly half of all IFA stakeholder business.

Standard says it has more than 20 per cent of what the ABI defines as the individual pension market through IFAs. This includes personal pensions, group personal pensions and stakeholder.

NU says it has more than 16 per cent of the individual pension market through IFAs and has a similar figure for its market share across its distribution channels.

NU head of corporate pensions Iain Oliver says: “Obviously it is still early days for stakeholder but the indication is that we are the leading IFA provider for stakeholder.

“It is very important for companies to achieve the right level of market share and this set of data is very encouraging.”

Hargreaves Lansdown ret-irement planning manager Danny Cox says: “These figures do not surprise me.

“Standard was the first to bring its pension pricing down to stakeholder levels and NU quickly followed. Others, such as Clerical and Axa ,were slower off the mark, so Standard and NU had a clear headstart. Where they are leading others are following.”

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