Clerical Medical closes 2001 stakeholder books

Clerical Medical has stopped taking any more new group stakeholder pensions schemes for the rest of this year over fears its administration systems will not be able to cope with increasing numbers of applications. An overwhelming demand for its group pension products forced Clerical Medical to suspend acceptance of new stakeholder business yesterday because the number of employers using its stakeholder products has far exceeded initial expectations. Earlier press reports today suggest take-up of stakeholder pensions - which is believed to total 225,000 members - is substantially lower ...