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Pru profit points

Stakeholder pensions are not all doom and gloom for the industry (Cazalet predicts stakeholder slaughter, Money Marketing, June 28). Although charges are low, the scheme can eventually be run profitably if providers can ensure they have efficient systems to ensure administration is kept to a minimum and sufficient scale to enable a return.

Moreover, stakeholder pensions will introduce financial advisers and product providers to a range of new customers, some of whom will be entering the world of investment for the first time. This represents an excellent opportunity to extend the customer relationship.

Rodney Baker-Bates

Chief executive,

Prudential Financial Services

London NW1

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