Leading pension IFA Informed Choice managing director Nick Bamford is challenging fellow advisers to answer 20 questions, aimed at proving they are fit to advise on stakeholder.
With the industry just four weeks away from the official launch of stakeholder on April 6, Bamford says unless IFAs can correctly answer the 20 questions published in this week's Money Marketing, they should not be advising on them.
Bamford says his questions highlight the level of complexity the Government's “simplified low-charging pension plan” has added to the realm of retirement planning advice.
He says: “In my view no one should be providing advice on the highly complex subject of stakeholder against personal pensions unless they can acquit themselves in this test.”
To put yourself to the test and prove you are ready to advise on stakeholder, Bamford says you should be able to answer all 20 questions in 40 minutes or less.
l Stakeholder test, p52