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Industry demands compulsion answer

The Labour and Conservative parties are under fire from the industry this week for refusing to come clean over whether stakeholder could become compulsory for individuals.

While the Liberal Democrat Party in its manifesto proposes a so-called “owned second state pension” which would introduce a level of compulsion, both the Tories and the Labour party continue to fudge the issue.

IFAs are slamming the parties&#39 failure to clarify their positions in their general election manifestos, claiming it denies voters the full facts on their financial future.

Conservative social security spokeswoman Jacqui Lait says the party does not believe in compulsion but refuses to rule it out, while criticising the LibDem proposal as an additional taxation.

Labour policy officer Gar-eth Davis told Money Marketing the party is “not ruling anything out or in” and that it does not see advice as being a key issue in stakeholder.

Informed Choice managing director Nick Bamford says: “While it is politically advantageous to be ambiguous because it allows for U-turns, people need to know about the likely conditions so they can plan for their future properly.”

Dennehy Weller & Co managing director Brian Dennehy says: “Compulsion is seen as a negative which will not be winning the politicians any votes, so who is going to admit to the fact compulsion is going to have to happen if stakeholder is to succeed?”

LibDem social security spokesman Steve Webb says: “Both parties are afraid to talk about compulsion but, unless we ensure everyone has a private pension, we will never tackle the problem. Compulsion will happen eventually.”



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