ROYAL BANK of Scotland has decided to withdraw from the stakeholder pensions market after experiencing a "limited demand" for the products, reports the Scotsman.
RBS' move will withdraw its range of stakeholder products sold through its Royal Scottish Assurance and NatWest Life subsidiaries. Customers holding a stakeholder policy with the group will be transferred to Norwich Union - which already acts as fund manager for the two RBS life assurance operations. A spokesman for RBS told the Scotsman: "We have seen limited demand for the product since its launch in 2001 and as a result have concluded that the needs of our existing stakeholder pension customers can be best served by closing the existing scheme and recommending our life & pensions par...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes