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ScotEq urging IFAs to target stakeholders for children

Scottish Equitable is urging IFAs not to miss out on the first stakeholder season for high-net-worth clients buying policies for spouses and children.

It argues that many high-net-worth individuals who already have maximum pension provision are starting to see pensions in the same way as the annual Isa allowance.

The company considers that IFA clients understand that stakeholder gives them the opportunity to contribute up to £3,600 a year, £2,808 net of tax, for children or non-earning spouses.

It says there is a market developing for parents with older children in the 18-30 age group who are still paying off student loans and individuals taking out a concurrent pension for moderate-earning partners who are members of an occupational pension scheme.

In a recent survey carried out at its pension roadshows attended by over 1,800 IFAs, ScotEq found 69 per cent felt there was a significant market for pensions for spouses and children among their high-net-worth clients, up from 50 per cent in a survey last year.

Pensions development manager Margaret Craig says: “It makes sense for many people to regard pensions in the same way as their annual Isa allowance. With its use it or lose it nature, we should see a surge in pension provision in the run-up to April 6.”

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