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Stakeholder Pensions

Volume 404: debated on Wednesday 7 May 2003

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To ask the Chancellor of the Exchequer how many complaints concerning the sale of stakeholder pensions have been received in each year since their introduction; and what broad categories these complaints fell into. [111440]

If the Treasury receives complaints about the sale of stakeholder pensions, it refers complainants to the firm concerned. Where it is evident that the complainant has already complained to the firm concerned, and is dissatisfied with the handling of his complaint, the complainant is generally referred to the Financial Ombudsman Service.The Financial Ombudsman Service tells me that, between 1 April 2002 and 31 March 2003, they received 115 complaints about stakeholder pensions.These complaints principally concerned administrative difficulties at the time of the initial purchase, in collecting premiums, in promptly transferring money into plans, and in providing information at the point of sale.