Since 8 October 2001, all employers with more than four employees (including part-timers) have been required to designate a stakeholder pension arrangement to which their employees can contribute. The requirement is subject to several exemptions and is policed by the Pensions Regulator (TPR). TPR monitors employers on a regional basis to check compliance, and can levy fines of up to £50,000 for non-compliance. The first fine for non-compliance was £10,000.
Under current legislation, the requirement to provide stakeholder access will be withdrawn when the auto-enrolment provisions come fully into force.
The information given does not provide specific advice and may not be suitable to your individual circumstances.
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