Consumer Stakeholder
STILL ONLY 12% OF COMPANIES ARE OFFERING
STAKEHOLDER PENSION SCHEMES - ACCORDING TO NEW
RESEARCH FROM IFA PROMOTION.
Ten months on after the launch of stakeholder pensions just 12% of companies are offering access to stakeholder pensions, but a massive 65% of people are contributing to these schemes. With recent stock market volatility, the lowest savings interest rates for 40 years* and insurance companies publicly cutting with profit bonuses, IFA Promotions new research into stakeholder pensions also reveals that savers are not altering their retirement planning habits. Only 32,000 people, out of over a million contributing to pension schemes have actually increased their savings behaviour** IFA Promotion, the organisation promoting the benefits of independent financial advice urges people to see an IFA for a pension reality check.
David Elms, chief executive said: With savers confidence in the market shattered by recent stockmarket falls, it is more important than ever for people to seek professional advice to ensure that their retirement expectations are realistic. The recent figures from the ABI*** stating that over half a million individual policies have been sold, are encouraging; however even though the take up is good it is the contribution levels that are key to a happy retirement.
The IFA Promotion research conducted in January 2002 also highlighted that;
- Only 12% of companies are offering stakeholder schemes..
- 65% of people whose companies offer a scheme are contributing to it.
- 6% of people are still totally ignorant as to what sort of scheme their company provides.
- Men are more likely than women to be contributing to their company scheme.
- As many as 72% of people living in the South East are contributing to their company scheme.
- Men are more likely than women to change their investment behaviour due to stock market volatility.
IFA Promotion will be continuing to monitor awareness and understanding of stakeholder pensions over the course of the year and circulating regular updates.
To speak to an IFA about stakeholder or pensions in general, people should call the IFA Promotion freephone hotline on 0800 085 3250 or visit www.unbiased.co.uk where details of local IFAs will be provided.
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For further information please contact:
David Elms or Shellie Wells/ Pippa Russell
IFA Promotion Lansons Communications
020 7833 3131 020 7490 8828
* Bank of England
** Research conducted by BMRB during January 2002. For more detailed questions regarding the research, call:
Joanne Turton
BMRB
020 8566 5000
*** ABI Press Release 7/1/02