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BLYTHE
FINANCIAL
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Pensions - Stakeholder
for Employers
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All
employers with 5 or more employees are legally obliged to make
Stakeholder available through the Company payroll from 8 October
2001. |
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The
employer should: |
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•
Seek
professional advice to establish appropriate advisers and
scheme providers for employees.
•
Consult with employees about the choice of the designated scheme
but the employer does not have
to act on the employees' views.
• Once a designated scheme is established,
ensure that it is registered
with OPRA and that all employees
are provided with information about
the scheme and how to join. In
designating a scheme the employer
is not making a recommendation
- no advice should be given.
• Allow
scheme representatives reasonable access to employees.
• If
requested, the employer must deduct employee contributions net
of basic rate tax via the payroll
system and forward to the provider
within 19 days of the end of the
month in which contributions were
made.
• There
is no requirement for the employer to contribute to the scheme. |
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Pensions
are complex and these notes are a brief summary only. Before
taking or refraining from any action, please contact us: BlytheTax |
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