Up to 500,000 people on moderate incomes will take out a stakeholder pension by April next year, according to research by the Association of British Insurers (ABI).
However, the research found that 40% of people who were currently unlikely to take out a stakeholder pension would be more likely to do so if it was arranged through their employer.
The ABI urged insurers to work closely with employers to ensure people in all income groups and not just moderate earners had access to stakeholder provision.
ABI director general Mary Francis said: “These results are encouraging for stakeholder pensions. The insurance industry is keen to work in partnership with the government to help make stakeholder pensions a success and achieve our shared objective of ensuring an adequate retirement income for all.”
By Michael Schiniou
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.