The UK's ninth biggest stakeholder provider, the Abbey National, are quitting the new group stakeholder pension market.
It says that it does not wish to waste resources trying to chase new designations, as all UK employers with five or more staff were legally required last year to choose a provider.
Abbey National is the latest provider to pull out of the group market following the recent withdrawal of Marks & Spencers. Abbey confirm that they will continue to service its existing group stakeholder clients and will sell individual stakeholders through its branch network.
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