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Individual stakeholder sales hit record for November

November saw the highest number of individual stakeholder pensions sales so far but a severe decline in the number of employer-designated sch-emes, according to the latest ABI figures.

Individuals set up 78,197 plans during the month, up from 72,800 in October.

Total individual sales now top 567,728 since stakeholder was launched last April.

As expected, group plans have dropped off following the October 8 deadline, with only 19,929 employer pensions setting up during November compared with 73,500 the previous month.

With 304,750 group schemes overall, the ABI says the majority of relevant employers have abi- ded by the requirement to offer their staff access to stakeholder.

The Department for Work and Pensions says there are between 300,000 and 350,000 employers with five or more employees which have been affected by the introduction of stakeholder.

ABI head of life and pensions Alan Woods says: “With just over 300,000 companies having now designated a stakeholder scheme and just over half a million individual policies sold, pension providers have achieved a lot over the last year.

“But it is essential that the importance of saving for the future continues to be communicated.”

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