Stakeholder will cause admin shake-up

Stakeholder pensions will force IFAs and insurers to overhaul their administrative systems and improve the levels of service scheme members receive, according to John Hayes chairman of Opra. UK insurers typically have a poor administration infrastructure, which has lead to problems in late pension payments and in dealing with schemes that wind up, according to the authority's records. Opra's casework has highlighted the fact that insurers and advisers often offer poor compliance support to employers and trustees. It also noted that 9.9% of cases referred to Opra's board for penalty invol...