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Nearly half of &#39target market&#39 don&#39t know stakeholder

Nearly half of people on average or below-average earnings have not heard of stakeholder a year after its launch, according to research for Norwich Union.

Research carried out by Mori shows that only 57 per cent of people earning between £10,000 and £25,000 a year say they have heard of stakeholder.

Stakeholder awareness increases with earnings, with around 84 per cent of people earning more than £50,000 a year having knowledge of the scheme.

However, only around three out of 10 people earning less than £10,000 a year have heard of stakeholder.

More than two-thirds of people earning between £10,000 and £25,000 a year say they are unlikely to consider taking out a stakeholder in the future, even though nearly 43 per cent have no pension arrangements.

NU has spoken out against the 1 per cent charge restriction and its low take-up among lower earners and says it wants to work with the Government to promote stakeholder among these workers.

Head of individual pensions Iain Buckle says: “This res-earch suggests that the benefits of stakeholder pensions are more familiar to the better off than to those on average or below-average earnings. This is a worry because, for a great many of them, stakeholder might well be a suitable savings option.”

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