UK - Stakeholder pensions have been branded "a flop" by the Conservative Party after latest figures showed sales were way off target.
Inland Revenue statistics showed that total contributions to stakeholder pensions were only £1.66bn. As 1.26m people have policies, this represents an average of only £1317 each.
Conservative work and pensions spokesman Oliver Heald said: “Only a quarter of those predicted have taken up stakeholder pensions and the fact that average contributions have now risen to over £1300 a year shows that they are being mainly used by people on above average incomes.
“This was supposed to be the pension for basic rate and starter rate taxpayers. It has been a flop.”
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have outlined plans to better understand the consumer pensions journey as they launch their joint strategy.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.