A stake through the heart
Article Abstract:
The UK government's decision to introduce stakeholder pensions will benefit people who currently cannot make payments into a pension plan, such as mature students and carers. However, this decision will have a negative impact on those who already have a traditional personal pension plan, as around 80% of these plans will be more expensive than a stakeholder pension. It will prove extremely difficult to decide whether to switch to a new low-cost plan. In some cases, personal pension plans carry very high redemption penalties.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1999
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We must still plan pensions, despite Mr Blair's safety net
Article Abstract:
The UK government's new stakeholder pensions will allow those not in employment, such as mature students, to build up funds for retirement. These pensions will have very low charges, and it will be easy to switch between providers. It will not be possible to open a stakeholder plan until Apr 2001, but some schemes are already trading along stakeholder lines. Most people who currently have a personal pension would benefit from moving to a stakeholder scheme, but may incur high surrender costs.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
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