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Stakeholder clients &#39lack contracting-out advice&#39

Life offices believe the Government must issue advice on contracting-out or risk leaving stakeholder clients in limbo.

They fear, without clear guidance, many potential clients will be left confused over whether contracting out of Serps and the state second pension is in their best interests.

The concerns were revealed in a survey of 22 life offices by IFA Torquil Clark. The proposal that the Government should provide guidance received 100 per cent support.

The survey follows the FSA&#39s decision to leave contracting-out off decision trees.

Pensions development manager Tom McPhail says: “Providers and advisers are not going to risk giving advice in an area of pension planning which even the FSA has shied away from by withdrawing the contracting-out element out of its proposed decision tree.”


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