The government introduced Stakeholder Pensions on 6th April 2001. Employers who do not offer an Occupational Pension Scheme or Group Personal Pension and employ more than five people are required to give employees access to a Stakeholder Pension.

There is no requirement for the employer to contribute into a Stakeholder Pension, but they will be required to collect employees' contributions and pay them into the plan.

Benefits and tax relief under Stakeholder Pensions is identical to those available under pre 6th April 2001 Personal Pensions.

Stakeholder Pensions must have:-

A simple charging structure with a maximum 1% charge per annum.

The facility to stop and restart contributions without penalty

Transfers must be accepted and transfers out must be penalty free

An annual information statement to members

A governance procedure, established to safeguard the interest of members

 

Accord will advise and assist in administering an existing
Group Stakeholder Personal Pension Plan or advise
and arrange the setting up of a new plan.