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IFAs find little awareness of stakeholder

IFAs believe employers have failed to take in the implications of

stakeholder, according to a survey by Scottish Equitable.

Out of nearly 2,000 IFAs interviewed by the life office, fewer than 4 per

cent thought that employers understand stakeholder.

Under stakeholder rules, all firms employing five or more staff must make

some form of pension arrangement available to their employees by October


ScotEq says the survey confirms its fears that small and medium-sized

companies are failing to think about stakeholder. It claims the findings

highlight how the Government faces a struggle to promote and effectively

communicate the stakeholder message to its target audience of five million

unpensioned people.

Pensions development director Stewart Ritchie says: “It is worrying that

employers are so blissfully unaware of their obligations under stakeholder.

Ignoring stakeholder is not an option and employers doing this could face a

hefty fine from the Occupational Pensions Regulatory Authority.”

Ritchie says IFAs are ideally placed to ensure that employers are aware of

their dut-ies ahead of stakeholder&#39s introduction in 2001.

He is urging them to contact corporate clients now in order to turn the

tide on employer ignorance of stakeholder.

Ritchie says: “IFAs are ideally placed not only to get them up the

stakeholder learning curve but to help them plan the best approach to

dealing with pensions in the stakeholder environment.”


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IFA claims Friends is poaching his clients

A Swansea IFA says Friends Provident is trying to poach his clients againdespite his demand that the company takes them off its mailing lists.Hartley Greatbatch & Co IFA Keith Lewis is angry that one of his clientshas been invited to one of Friends&#39 inheritance seminars although he askedthe company to remove his client&#39s name after […]

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