Scottish Equitable and Legal & General pensions experts have clashed over the viability of stakeholder at the Pensions Management Institute annual conference.
Scottish Equitable director of pension development said he believed that the current framework was not workable.
He said: “If you want converts you have to be prepared to pay the costs of your missionaries. Stakeholder will not create a broad church on the cheap.”
But L&G director of pensions strategy Adrian Boulding said: “The advent of Stakeholder pensions will force employers, advisers and pension providers to review all their current arrangements. Many will be found wanting against the tough standards Government is setting for stakeholder pensions.”