Opra has launched an employer-based decision tree on its website to help employers decide if they need to offer access to a stakeholder pension in the UK.
Employers will be asked to answer ‘yes’ or ‘no’ online to a series of simple questions. After answering all the questions, they will be able to see whether or not they are exempt from having to offer access to a stakeholder pension.
The insurance industry has vented concerns over the FSA's introduction of decision trees - with even the City regulator confessing that the target market lacks the means to pay for advice.
FSA held a consultation with the industry to discuss the viability of trees remaining adamant of their success, despite concern over the absence of contracted-out rebates as a consideration in the process.
Critics have said some trees are not detailed enough while others are too complicated and that they almost always advise the consumer to seek further assistance - in effect, advice from a qualified IFA.
The FSA - in its trees - has distanced itself from any future mis-selling scandal by including a legal disclaimer in the document and repeatedly stating that trees are for information, not advice.
Opra chief executive Caroline Instance said: “Understanding the various employer access exemptions can be daunting if you are a busy employer. This new web facility is designed to make it as easy as possible to clarify where you stand.
“Some employers may need to check the details of their existing pension arrangements before they can answer all the questions with confidence – but this new facility will make it easier to see the wood from the trees.”
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