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Personnel Today

Stakeholders in place ahead of deadline

by Personnel Today 9 Oct 2001
by Personnel Today 9 Oct 2001

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.

Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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