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Stakeholder support pack for IFAs and employers

Scottish Equitable says product providers must give IFAs more support to help employers meet the October stakeholder deadline.

It says the pressure is on providers to support IFAs and their corporate clients fully in meeting the deadline with only six months to go.

ScotEq points to research carried out by consultant actuaries Punter Southall & Co which shows employers are still unclear about stakeholder requirements and which employees are entitled to be included in schemes.

ScotEq says there are more than 388,000 employers affected by stakeholder and that there is likely to be a shortage of pension specialist IFAs available to provide the advice needed by firms.

ScotEq has produced a guide for IFAs to use with employers to make sure all the requirements are met.

The pack contains tools to help employers communicate details of the new scheme to employees, such as suggested letters, posters, payslip notices and staff presentations. It also includes details of how employers can manage contribution payments.

ScotEq head of group pensions marketing Colin Bell says: “IFAs are in big demand to help employers sort out what needs to be done by October 8. Stakeholder providers have a responsibility to make sure IFAs receive as much support and guidance as they need. Support comes in many forms and can be the difference between IFAs working effectively and profitably in this market.”

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