HL Deb 04 December 2001 vol 629 cc122-3WA
Lord Carlile of Berriew

asked Her Majesty's Government:

What advice the Royal Navy arranges or makes available to its members under the age of 30 as to whether and how to determine the suitability of stakeholder pensions for their circumstances. [HL1517]

Lord Bach

In accordance with legislation, the Ministry of Defence (MoD) has designated a provider of stakeholder pensions to the Armed Forces. This is Scottish Widows plc. Individuals may choose to invest in this or any other stakeholder pension scheme. Financial advice may only be given by those who are qualified under the terms of the Financial Services Act. Personnel, regardless of age, are therefore encouraged to seek independent financial advice before making decisions of this sort. Information on where to find such advisers is available in MoD and Scottish Widows' literature.