Recently released figures from the Association of British Insurers (ABI) show that more and more people are personally taking responsibility for their retirement. With the introduction of Stakeholder pensions in April 2001, savers, increasing pension sales by 4% from the year 2000, took out 640,000 of these new style policies.
However, the Director General of the ABI said that although the increased figures were encouraging, there was a long way to go to narrow the £27bn savings gap. The Director General went on to say that "this [the savings gap] problem needs to be addressed urgently.
Next year will see the outcome of a number of reviews into the life and pensions industry. In our contribution to each, we have been clear that any changes should benefit the majority and promote savings among more people".
We have a whole site dedicated to Stakeholder pensions as well as a section in the Interactive Search & Apply area for you to find a stakeholder plan to suit you.