Group Stakeholder Pension Plans
Stakeholder pension schemes are designed to be easy to understand, have capped management charges and be flexible.
Employees can continue making their contributions even if they change jobs. They can also change or miss payments where they need to without incurring the penalties that other types of pension schemes may impose.
Who should have a stakeholder pension?
There is a statutory requirement to provide a stakeholder pension scheme where there are five or more employees (including directors) and there is no other qualifying pension scheme in place.
Employers who offer all employees access to a group personal pension scheme are exempt from the requirement to designate a stakeholder pension scheme as long as the employer makes at least a 3% contribution to the pension fund.
Disadvantages of a Group Stakeholder Pension Scheme
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A restricted fund range is offered.
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There is no ongoing service from a professional adviser unless you pay an additional fee.
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Salary sacrifice
is not available.
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Choosing the best pension scheme for your company can be confusing and complicated. If you own your own company there are probably more pressing every day issues to contend with.
Our professional pension advisers can help you make the best decision. They will provide comparative illustrations, tell you about the costs and tax implications and help you find the best scheme for your business and your employees. We can even come and make a face to face presentation for your staff.
Contact us now on 0800 458 3525 or fill in our short form and we will contact you at a time to suit you for a no obligation discussion.