Legal & General has welcomed the Government's initiative to allow stakeholder pensions to be sold online without the need for a paper-based signature.
The life office believes last week's announcement by the DSS which plans to allow electronic pension applications fits exactly with its plans for stakeholder.
It believes a streamlined digital stakeholder pension offers an attractive proposition for personal and occupational pensions by allowing members to opt in and top up more easily.
Legal & General has devised an on-line application facility at LandG.com as part of its stakeholder drive.
L&G believes a simplified application process for the consumer and provider alike cost savings will allow cost savings to be made.
Legal & General pensions strategy director Adrian Boulding says the new measures will make stakeholder pensions attractive to employers without a current pension scheme.
He says: “We applaud the Government's foresight for allowing electronic applications. This is a big step towards realising the Stakeholder society.”