Stakeholder pension sales in the UK are missing the target group of people on low to middle incomes, according to a survey from the independent financial adviser Torquil Clark.

The survey also shows that companies that have spent most on advertising are winning the largest share of the market. The Personal Retirement Savings Account (PRSA), which is to be introduced in the Republic next year, has a similar structure and aims to the stakeholder pension already available in the UK.

A breakdown of major pension providers shows Standard Life has secured the biggest share of the personal pension market since the launch of stakeholder, at 41 per cent. Norwich Union, another company that has spent heavily on a national advertising campaign, is in second place with 24 per cent.

The survey also showed stakeholder contribution levels were higher than predicted. The average monthly premium for stakeholder was £235 sterling, and the average single premium was £12,598.