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Non-panel Standard in Misys top two stakeholder sellers

Standard Life has taken around a third of Misys members&#39 stakeholder business despite not being on the preferred panel until recently.

Misys IFA Services says Norwich Union is its most popular stakeholder pension provider followed by Standard Life, Scottish Widows and Axa.

NU emerges as the top provider, with 39 per cent of the 148 member firms responding to the Misys IFA Services&#39 survey last month saying they have used the company for group stakeholder plans and 37 per cent for individual plans since April 5.

In second place is Standard Life, with 34 per cent using it for individual stakeholder business and 30 per cent for group schemes.

Axa came third for group stakeholder with 10 per cent and Scottish Widows was third in the individual market, again on 10 per cent.

Misys only recently appointed Standard Life to its group and individual stakeholder and personal pensions preferred lists along with Friends Provident. Misys says members are not restricted to using providers on the lists.

Scottish Amicable has been dropped from both lists and Clerical Medical comes off the group list after closing to new business in August. The additions join Axa, Norwich Union, Scottish Widows and Scottish Equitable on the two preferred&#39 lists.

Misys IFA Services chief executive officer Patrick Gale says: “Many of our members are supporting stakeholder but are finding it difficult to cover their overheads. We have added insurers to our preferred lists with the best chance of staying in this important sector and Standard Life and Norwich Union appear to be showing the way.”

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