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Stakeholder threat to AVCs

Employees with occupational pensions will consider stakeholder schemes as an alternative to additional voluntary contributions, according to a survey by consulting actuaries Punter Southall & Co.

The survey showed 85 per cent of eligible employees will consider using stakeholder instead of AVCs. It also showed 75 per cent would qualify for stakeholder concurrency.

Punter Southall principal Steve Leake says: “Stakeholder concurrency may encroach into the AVC market as the attractive features of stakeholder pensions, such as the provision to provide part of the benefit as a tax-free lump sum, will make them a very competitive alternative to AVCs.”

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