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Stakeholder increases pension take-up says Virgin Direct

Stakeholder is responsible for a 250 per cent rise in the number of people starting a private pension according to Virgin Direct.

Virgin points to ABI figures which show 535,000 individual pensions were taken out since April, which is a rise of 247 per cent on last year. Virgin says its pensions sales have more than doubled over the past six months.

A third of Virgin stakeholders were bought by people in their 20s and women accounted for 48 per cent of sales. Nearly 15 per cent were taken out for children. The internet accounted for nearly 15 per cent of sales and the average direct debit contribution was £118.

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