The following Pensions guidance note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
The obligation on employers to designate and facilitate access to a stakeholder pension scheme (as set out in section 3 of the Welfare Reform and Pensions Act 1999 (WRPA 1999)) ceased to apply from 1 October 2012, when the new obligation to enrol workers automatically into an automatic enrolment scheme (introduced by the Pensions Act 2008) came into effect.
However, unless a relevant exception applies (eg where an employer is notified that a designated stakeholder pension scheme has commenced winding up), employers are under a continuing duty in respect of relevant employees to deduct employee contributions to an existing stakeholder scheme from their remuneration and pay them to the trustees or managers of the schemes. In addition, any existing or new stakeholder pension schemes must continue to be operated in accordance with the statutory requirements in relation to such schemes.
A continued understanding of the legal requirements relating to the establishment, maintenance and eventual winding-up of stakeholder pension schemes is therefore important and the purpose of this Practice Note is to set out a basic description of those requirements.
This Practice Note should be read in conjunction with the following practice notes, which provide an introduction to the operation of stakeholder pension schemes before and after 1 October 2012:
Stakeholder pension schemes before 1 October 2012 [Archived]
Stakeholder pension schemes after 1 October 2012—an
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