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Youngsters keen after learning of stakeholder

Despite the imminent launch of stakeholder pensions in April, only 15 per cent of 16to 24-year-olds have heard of the new scheme, according to res earch by Legal & General.

But when stakeholder was explained to this group, it emerged they would be the most likely to buy a plan in the next five years.

The survey of 1,009 res pondents, categorised by age from 16 to over 65, was carried out in November 2000 to measure awareness and attitude towards stakeholder.

One of the questions asked was: “Are you aware of the Government&#39s plans to introduce stakeholder pensions?” Awareness was highest among those in the 65-plus group, with 50 per cent ans wering “yes” to the question. The younger the age group, the less likely they were to have heard of stakeholder.

Respondents were then told: “A stakeholder pension is a new type of private pension that is being introduced by the Government.”

When asked if they might buy one in the next five years, 34 per cent of 16to 24-year olds said they would be likely to do so.

This was followed by 28 per cent of 35to 44-year-olds, 25 per cent of 25to 34-year-olds and 5 per cent in the 65-plus age group.

Legal & General pensions strategy director Adrian Bou lding says: “A few weeks ago, pensions minister Jeff Rooker told young people &#39Don&#39t rely on the state alone&#39. Once the pension publicity campaign gets under way, this message stands every chance of being clearly heard.”


Kerry Richardson

An AA man to the rescue. How many of us have experienced that little moment of salvation, stand-ing next to our car in the pouring rain? It is precisely these powerful and reassuring images that AA Insurance and Financial Ser vices managing director Kerry Richardson refers to when talking about AAIFA. Asked why the AA […]

Rewards on the cards

IFAs see a future for fund supermarkets working alongside face-to-face advice but they feel most UK consumers are not ready to plunge into the world of online investment on their own. Mellon Trust chief executive of fund administration Steve Blizzard recently des cribed the idea of a stand-alone supermarket as flawed, maintaining that face-to-face advice […]

New PMI quotation system available online

MediQuote, a private medical insurance quotation system for intermediaries from Policy Master, is now available on the internet. Standard Life Healthcare is in partnership with Policy Master in the project and is fully funding intermediary access to MediQuote for its product range. It is also giving enhanced commission payments of five per cent for products […]

Click and choose

Despite an increasing number of dotcom failures, I have been enc ouraged to see solid evid ence in the last few weeks that the use of online financial services is still in the ascendancy. While there has been a down turn in demand for dotcom services involving tangible goods, intangible products such as financial services […]

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(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.


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