Erlier this month it was confirmed requirement for employers with five or more employees to provide employees with access to a stakeholder pension has been repealed.
In our news article of 5 October 2012, we reported the introduction of new regulations which will eventually require all employers to enrol their employees into a compulsory pension scheme.
To coincide with this, the requirement for employers with five or more employees to facilitate employee access to a stakeholder pension scheme has also been repealed with effect from 1 October 2012.
Transitional provisions will allow employers to continue deducting contributions from an employee’s salary where that employee is an existing member of a stakeholder scheme. Alternatively, the employee can make payments directly to the scheme, provided that this is permitted by the scheme rules.