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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


2001.


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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