For Immediate Release: Thursday 06 July 2000

AUTIF WELCOMES CONCURRENCY PROPOSALS FOR STAKEHOLDER PENSIONS

The Association of Unit Trusts and Investment Funds gives a warm welcome to the Government's announcement that members of occupational pension schemes, earning £30,000 or less (and who are not controlling directors), will be able to contribute to stakeholder or other personal pensions. Along with other representative bodies, AUTIF has worked closely with the Inland Revenue and DSS to develop the proposals for "concurrent membership".

Alison Michell, Senior Policy Adviser at the Association commented:

"This is excellent news. We have always argued in favour of concurrent membership and are delighted that the Government has accepted the approach which AUTIF and other representative bodies have helped to develop. The Government's concurrency proposals will greatly simplify the choices people face when planning for their retirement and will allow many more to have access to the new low-cost stakeholder schemes."

AUTIF is continuing to work with the Government and regulators to finalise the details of the stakeholder regime so that schemes can be registered from October onwards.

For further information please contact:

Philip Warland, Director General, AUTIF - +44 (0)20 7831 0898
Anne McMeehan, Director of Communications, AUTIF - +44 (0)20 7831 0898
Alison Michell, Senior Policy Adviser, AUTIF - +44 (0)20 7831 0898
Clare Arber, PR Manager, AUTIF - +44 (0)20 7831 0898