Call for extension to stakeholder deadline

Companies
should be given an extra six months to sign up to the Government’s stakeholder
pension scheme.

David
Willetts, the shadow secretary of state for work and pensions, warns in a
private briefing paper that unless ministers extend today’s deadline, as many
as 200,000 companies face a collective fine of £10bn for failing to meet the
target for registering with a provider of stakeholder pensions.

Companies
with five or more employees could be fined up to £50,000 if they have not
provided staff with access to a stakeholder pension by the deadline.

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By
July, only 123,000 out of a total of 400,000 companies had signed up to a
stakeholder scheme by registering with a stakeholder specialist.

By Ben Willmott