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TUC ready to launch stakeholder plan for one million

The Trades Union Congress is to launch its own stakeholder pension plan


for up to one million of union members who do not have pensions.


The plan, which will be available through all the TUC&#39s affiliated member


unions, is in the process of being fleshed out, with the TUC known to be


negotiating with several potential providers.


It is the TUC&#39s aim to launch the plan on October 1, with members joining


from April next year.


The congress says it has a working party consisting of delegates


representing membership, looking at details of the proposed scheme.


The party will also be looking at ways to raise awareness of stakeholder


through employers and unions.


While welcoming the stakeholder plans, some providers and IFAs have


expressed concern that the TUC may restrict membership to union members


only.


They fear that, by restr icting membership, many employers which would


have otherwise designated the TUC plan as their own stakeholder, will have


to look to provide an alternative scheme for their non-union-member


employees.


But the TUC denies it is considering such a move, saying it is unlikely


that union membership will be a condition for joining the scheme.


A TUC spokesman says: “At the moment we are looking for a provider. We are


just looking at how we might run a scheme and have not actually got any


full details yet.”

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