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LIA issues warning on stakeholder

The Life Insurance Association has warned the Government of the need for advice if stakeholder is to become a success.


In its response to the Department of Social Security Consultation Brief No.1 on pensions the LIA says: &#34Incentivisation of the public to save for retirement in the absence of compulsion on savers means that financial advice and persuasion will be necessary if the Government&#39s objectives are to be achieved.&#34


The LIA suggests that because of the need for advice it is becoming clear the maximum charge should be increased to 1.5 per cent.


Further, its submission calls for the Government to make it clear that an individual can contribute to both a stakeholder and a personal pension.


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