UK - Take-up of stakeholder pensions has stalled and they are failing to make a significant dent in the savings gap, the Association of British Insurers says.
Its report – Stakeholder pensions: closing the pensions gap – shows that over 90% of employer designated schemes have no members and are empty boxes.
ABI director general Mary Francis said: “Despite an encouraging start, our report shows that stakeholder pensions have stalled. Now, more than ever, we need the government to encourage more people to save for the future.”
But the report disclosed that the average monthly contribution into stakeholder schemes had risen from £81 to £130.
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.