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IFAP blames confusion as public shun stakeholder

A mere 10 per cent of UK consumers plan to take out a stakeholder pension,

according to latest research findings from IFA Promotion which claims

“confusion and apathy still reign”.

The survey, carried out this month with more than 1,000 adults, revealed

that 52 per cent of people find pensions confusing compared with 42 per

cent in February. This is despite awareness of stakeholder increasing to 54

per cent from 39 per cent.

IFAP says the worrying trend is that people are bec-oming more bewildered

des-pite the Government&#39s “talking sheepdogs” generic pension ad campaign

and media coverage.

The research also found that 61 per cent of people would take advice from

an IFA before buying a stakeholder compared with 51 per cent going to their

employer.

Almost 60 per cent of people say they are not saving into any form of

pension and, of those with a scheme, 22 per cent say they do not know if it

is a stakeholder.

These findings come in the lead-up to the October 8 deadline for eligible

companies to have a stakeholder scheme in place for employees or face an

Opra fine of up to £50,000.

IFAP chief executive David Elms says: “People now need to be made aware of

the impact of stakeholder on their own individual circumstances by seeking

independent financial advice.”

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