Stakeholders forced to take lifestyle option

All existing stakeholder pensions will have to change their default options to a fund with lifestyling incorporated into the asset allocation, according to the Treasury. The changes are part of the Government's plans to fold existing stakeholder pensions into its wider planned suite of stakeholder products, known as the Sandler suite. This inclusion means groups will now have to ask existing stakeholder members if they want to switch to a new default fund, creating an administrative problem for many providers, according to Nigel Stammers, head of industry affairs at Clerical Medical. ...