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Rooker issues a pension challenge to the industry

Pensions minister Jeff Rooker has challenged the industry to make

stakeholder work for its clients.

Speaking at a Financial Times conference in London last week, Rooker said

the success of stakeholder would be determined by the degree that the

industry embraces the initiative when it is launched next April.

Referring to the Government&#39s determination to reform the pension industry

in partnership with product providers, Rooker said it is time for the

industry to do its part and put “real stakeholders in place”.

But industry insiders say they have led the chargeto modernise the

pens-ion industry.

They say that while stakeholder is an important part of this drive, it is

not the only issue and the Government should not forget that.

Scottish Equitable group public affairs manager Scott White says: “For

some time now, the trend tow-ards cheaper and moreflexible pension products

has been driven by the ind-ustry. A large part of that has come from the

IFA community.”

“Stakeholder has a part to play but at the end of the day pensions are

sold and not bought.”

Rooker told the conference: “I believe &#39real&#39 stakeholders will be

successful and will lead to a significant improvement in the lives of

future pensioners.

“In partnership with the industry, we are chang-ing the map of pensions

for the better.”

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