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L&G welcomes Government&#39s commitment to 1 per cent stakeholder charge

Legal & General has welcomed the Government&#39s continued commitment to the 1 per cent annual management charge on stakeholder pensions.


The life office says the idea of charging extra fees for additional advice is a sensible suggestion, but it believes the majority of people will only need basic stakeholder advice.


Responding to the latest Consultation Brief on Stakeholder Pensions, L&G&#39s pensions strategy director Adrian Boulding says: &#34The whole thinking behind stakeholder is the vast majority of people investing in a stakeholder pension should be able to do so without needing regulated, and therefore costly advice.&#34


&#34We believe 1 per cent is enough to provided the Government creates a simple regulatory framework of product regulation based on low-cost fit for purpose products where detailed individual advice is generally not needed.&#34

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