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Slump in stakeholder sales prompts plea for a review

The ABI has called for a rethink on stakeholder pensions after disappointing sales in the second quarter of the years despite the raising of the charge cap to 1.5 per cent.

The product attracted sales of just 92m on an APE basis, leading the ABI to call for a simplification of the basic advice regime to help with stakeholder sales.

Overall, new life and pension business was up by 7.3 per cent to 2.98bn in the second quarter after stripping out a single bulk annuity deal.

There was little move on the first quarter, with IFAs taking a 63.1 per cent share of the total regular-prem- ium market compared with 31.8 per cent for single ties and 5.1 per cent for disin- termediated.

But IFAs saw almost a 10 per cent fall in their share of single-premium business, down from 69.1 to 59.9 per cent but single ties only took an extra 0.1 per cent, up to 23.4 per cent.

ABI life and pensions director Chris Kenny says: “The stakeholder range of savings products has so far failed to make any appreciable imp- act and there is still much to be done to make the stakeholder concept work.”


Cowan joins board of Paymentshield

John Cowan is joining the board of mortgage and protection club Paymentshield as non-executive director. Cowan, who was formerly managing director of Pivotal, the National Australia Bank group’s intermediary consultancy business, is joined on the board by former HBOS gen- eral insurance chief executive Howard Posner, who becomes a non-executive director, and First Direct chief […]

Building homes

Forty volunteers from Clerical Medical and parent group HBOS have just returned from Sri Lanka, where they pitched in rebuilding homes for tsunami victims. Working with charity Habitat for Humanity, the team built eight new houses and raised funds to build a further 160 or repair 800 damaged properties.

Sesame in 2.5m fight after FSA error

Sesame is in dispute with the FSA over a 2.5m demand it received after an error by the regulator meant it was undercharged last year. Network members could face an extra charge of 670 per adviser if the regulator succeeds in recouping the money it says it accidentally failed to collect last year. The network […]

Converting pension savings to a retirement income…

Since last year’s reforms to pension legislation, a significant number of retirees have chosen income drawdown over purchasing an annuity. Income drawdown is more flexible than an annuity. However, it also increases the likelihood that individuals won’t be able to maintain their income throughout their lifetime. In this short video, we explain the risks that […]


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