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Virgin Direct converts existing pensions to stakeholder

Virgin Direct is automatically converting 26,000 existing pension customers to stakeholder schemes.

Virgin Direct&#39s Gordon Maw says: “Customers with some other pension companies won&#39t automatically get a transfer from old-style pensions to better value stakeholder plans but will have to make a transfer request. Our customers will have a hassle-free transition to the new age of pensions.”

The Virgin stakeholder pension has a minimum contribution of £1 and an initial annual charge of 1 per cent.

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