Implementing Stakeholder pension schemes in your business
There’s been plenty of coverage – on television and radio, in newspapers and even on billboards – about Stakeholder pension schemes. The principle behind these is that any company with five employees or more has to offer its employees an opt-in pension scheme. This involves choosing an appropriate investment plan, explaining the details to your employees and managing their contributions.
Bear in mind, though, that such a scheme doesn’t have to be employer-contributory, so you don’t have to pay money towards your employees’ pensions; unless you want to do so as an added incentive for hiring and retaining staff. In addition, you are not responsible for the investment performance of your chosen fund, so there’s no requirement to pay up should the fund not perform particularly well.
Stakeholder pension plans are available from all usual financial companies. For more information about Stakeholder pensions, call the IR helpline on 08457 143 143.