Over three quarters of eligible employers have now designated stakeholder pensions for their employees, according to figures released today by the Association of British Insurers (ABI).

Some 72,811 new employers signed up during October, taking the total to nearly 300,000. The number of new individual policies sold during October, rose to 73,552.

The full figures are:

	Number at end of September	Number during October	Number at end of October
Policies	418,142.	73,552	491,694
Employer designations	212,010	72,811	284,821

Joanne Segars, ABI’s Head of Pensions, said:

“Stakeholder pension providers have worked hard to encourage employers to designate stakeholder schemes. The industry is keen to work in partnership with Government and employers in attracting more employees into employer- designated schemes.

“ But we should remember that Stakeholder pensions are not the only story. Charges on group personal pensions have fallen as a result of stakeholder pensions, and employers have also widened their eligibility criteria for existing schemes. This means more people are able to save for their retirement - an aim shared by the Government and ABI”

Notes

1. Enquiries to: Malcolm Tarling 020 7216 7410 (Mobile: 07776 147667)
   
   
2. There is no precise estimate of the number of employers that were required to designate a stakeholder pension scheme by the deadline of October 8th.However of the 400,000 UK employers with 5 or more employees, survey evidence from the Department of Work and Pensions suggests that between 50,000 and 100,000 are likely to be exempt from designating a stakeholder pension scheme, leaving a total of 300,000 – 350,000.
   
   
3. These figures cover stakeholder sales made by 47 out of the 48 registered stakeholder pension schemes, not only those of ABI members. They include transfers to stakeholder from other pension arrangements.
   
   
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