Standard & Poor's, the international rating agency, has warned that unless UK asset managers agree on universally acceptable performance standards for stakeholder pensions, fund sales may be based on misleading information.

By October, any UK company with more than five 'qualifying' employees has to offer them access to a stakeholder scheme. The market is potentially very large, but until universally acceptable standards are established, misleading advertising could persuade would-be stakeholders into investment funds that may not be suitable for them.