Stakeholder pension designation
On 1 October 2012 the requirement for an employer who employs five or more employees to designate and facilitate access to a stakeholder pension scheme was abolished.
This means an employer is no longer obliged to provide access to a pension scheme until the employer becomes subject to the duty to auto-enrol its eligible workforce in a compulsory pension scheme. The auto-enrolment provisions are being phased in over a number of years up to 2018. For more information on auto-enrolment please see our article here. If there is already has a pension scheme in place which an employee is paying into by way of deductions from their salary, those arrangements can continue during the transition phase.
For advice on this or any other aspect of employment law, why not contact our friendly team on 01243 836840 or email firstname.lastname@example.org.
Please note that this update is not intended to be exhaustive or be a substitute for legal advice. The application of the law in this area will often depend upon the specific facts and you are advised to seek specific advice on any given scenario.