This type of personal pension was introduced by the Welfare Reform and Pensions Act 1999 to ensure that all employees had access to a pension scheme through their payroll with a limit on maximum charges.
The rules for stakeholder pensions changed on 1 October 2012 and employers no longer have to offer access to a stakeholder pension scheme.
If someone is in a stakeholder pension scheme arranged by their employer before 1 October 2012, their employer must continue to take and pay contributions from the worker’s wages until the employee leaves, asks them to stop or stops paying contributions at regular intervals.
Posted in: Pensions
