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Stakeholder deadline sees last minute rush to sign up

first_imgStakeholder deadline sees last minute rush to sign upOn 16 Oct 2001 in Personnel Today Previous Article Next Article A third of employers have not met the stakeholder pension deadline accordingto estimates by the Association of British Insurers. All employers with more than five employees were required to have introduceda stakeholder scheme by 8 October if they had no pension provision, or facefines of up to £50,000. More than 100,000 employers have missed the deadline, despite a last minuterush by firms. Stephen Sklaroff, the ABI’s deputy director-general, said, “Manyproviders are reporting a rush of employers signing up for stakeholders. “No-one knows precisely what the figure is but best estimates put it assomewhere between 300,000 and 350,000. “It is unlikely that all of them signed up by the deadline but thefigures so far look promising. We hope the rest will follow as soon aspossible.” The latest figures from the ABI reveal that during August alone more than25,000 employers designated a stakeholder pension scheme and 64,000 newpensions were set up. Sklaroff said the introduction of the stakeholder pension has also led to anincrease in the sales of individual and group personal pensions. He added,”The introduction of the stakeholder pension together with the widerstakeholder effect is good news. “Recent research for the ABI calculates that the savings gap now totals£27bn a year. Stakeholder makes a good start in encouraging people to save butmore must be done.” Nick Edmans, a spokesman for pensions watchdog, the Occupational PensionsRegulatory Authority, said initially employers only have to choose a registeredstakeholder scheme and inform their staff, to comply with the regulations. www.abi.org.ukBy Ben Willmott Comments are closed. Related posts:No related photos.last_img read more