Stakeholders in place ahead of deadline

Nearly a third of the UK’s largest firms have put a stakeholder pension
scheme in place, even though many already have other existing occupational
schemes.

Research published to coincide with yesterday’s stakeholder pension
deadline, reveals that 29 per cent of the UK’s largest 250 firms have
introduced a scheme, while 44 per cent of those yet to designate a policy have
already approached an adviser or provider to enable them to do so.

All employers with five or more staff are required to have introduced a
stakeholder scheme by 8 October if they had no other pension provision, or face
fines.

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David Segal of Punter Southall, which carried out the research, said,
"The results suggest that larger companies may be setting up stakeholder
schemes to cater for temporary staff and contractors who are not eligible to
join occupational schemes.

Segal thinks many companies with final salary schemes will put new staff on
stakeholder schemes.