The number of personal pension plans sold by IFAs has disappointed since the start of stakeholder ...
The number of personal pension plans sold by IFAs has disappointed since the start of stakeholder in April 2001. However, the number of IFAs reporting group personal pension sales has been encouraging.
The findings and assertions come from Misys IFA Services based on a stakeholder survey it conducted amongst its members.
The supplier of services to IFAs admitted that IFA sales would always struggle on the personal pension plan side, but figures still came in at the lower end of expectations.
Only 43% of responding members said personal pension plans were the same or increasing since the start of stakeholder in April 2001. 65% of the members who took part in the survey reported having sold individual stakeholder plans over the last 6 months. Firms sold an average of 3 plans with an average premium of £93 per month. The three most used providers are Norwich Union (37%), Standard Life (34%) and Scottish Widows (10%).
Misys felt group stakeholder schemes were more encouraging with nearly eight out of ten responding members reporting group personal pension sales were the same or increasing since April. 57% of the members who took part in the survey reported selling group stakeholder schemes. Firms sold an average of 3 schemes each with an average of 5 employees per scheme and an average employee contribution of £20 per month. The three most used companies in this section were Norwich Union (39%), Standard Life (30%) and AXA (10%).
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