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Take a Bee line to stakeholder

Scottish Life&#39s latest edition of its monthly IFA newsletter Bee Lines aims to guide IFAs and employers through the stakeholder pension maze.

The issue is devoted to helping IFAs explain the requirements which are being imposed on employers by stakeholder pensions.

It aims to cover all the basic facts that IFAs should tell employers about the implications of stakeholder upon their companies, as well as the opportunities that the legislation provides advisers.

ScotLife details the acceptable alternative pension arrangements such as group personal pensions, the time scale involved and the criteria for establishing whether an employee qualifies for a stakeholder pension.

The company is critical of a booklet recently produced by the DSS on stakeholder, claiming it is difficult to understand and will raise many questions among employers.

ScotLife says the majority of employers do not have a great deal of knowledge on pensions because many have never provided pensions for their employees, so IFAs will have a crucial role in helping employers meet the new legal requirements.

The life office is predicting there will be “hundreds of thousands” of conversations between employers and IFAs in the coming months bec ause of the vast number of stakeholder guides distributed and the short timescale that firms have in which to act.

Head of pensions strategy Steve Bee says: “Busy emp loyers who have little enough time already to run their businesses will not really want to become pension experts. They are more likely to to want to meet with someone who is. This issue of Bee Lines intends to help IFAs recommend to employers what they need to do.”

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