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L&G urges changes to stakeholder proposals

Legal & General has urged the Government to simplify its stakeholder pensions proposals.


The life office is seeking a number of changes which it feels are necessary to ensure stakeholder is both successful and simple to understand.


L&G&#39s pushing for two categories of stakeholder scheme, a trust based model appropriate for larger group schemes, and an audited code of conduct model suitable for the self-employed.


It also proposes that employers should be required to educate their employees on stakeholder and that certain existing group personal pension plans come under the stakeholder umbrella.


It would also like individuals to be able to contribute to both a stakeholder and non-stakeholder pensions within the same tax year.

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