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Sipps Pensions Exeter
 
 
Stakeholder Pensions
     

Stakeholder Pensions were introduced by the Government to attract the general public to start saving for their retirement. These plans have rules to ensure that the cost of these plans remain low for their duration.

Traditionally Financial Advisers were paid commission to sell retirement plans to clients. This impacted on their performance, especially in the early years of a plan, causing many people to stop paying premiums after a short period of time. Stakeholder pensions removed high levels of commissions leaving more of the premiums to be invested.

 

The Government also set limits on the annual management costs of the stakeholder plans at a maximum of 1%. This stopped advisers and fund managers from taking funds from the capital invested. However, the result of these cost reductions are that most stakeholder pensions have a very limited range of investment options or are predominately invested in passive funds.

It is debatable whether the introduction of the Stakeholder plans has been a success. All must employers now offer a work place scheme via Auto enrolment which will further reduce the use of Stakeholder Pension plans, although people seeking to make additional contributions may continue to buy them. Our view is that if your employer does offer a workplace scheme to which they are making contributions, that you should consider joining this in the first instance.

 
 
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The Mews, Queens Street, Colyton, Devon, EX24 6JU
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32 Rolle Street, Exmouth,
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