Stakeholder Pensions
Mark S. Elliott has spent 25 years working in various management roles within the tenanted and leased divisions of the UK's largest breweries and pub companies. His extensive knowledge and day-to-day involvement with pubs and publicans make him well qualified to know what is required to run a successful pub. He shares his knowledge and many 'insider tips' with you in this book. Mark is based in Cockermouth, Cumbria.
STAKEHOLDER PENSIONS
If you have 5 or more employees, you may need to offer them access to a stakeholder pension scheme which is registered with the Pensions Regulator. Stakeholder pension schemes are designed to offer low charges, no transfer costs and low minimum contributions of £ 20 or less. You do not have to make contributions to this pension but you will have to make deductions from an employee’s pay if asked. You may be exempt from having to provide access to a stakeholder pension scheme if you:
- Employ fewer than 5 people.
- Offer all employees aged 18 or over a personal pension scheme through which you contribute an amount equal to at least 3% of your employees’ basic pay.
- Offer an occupational pension scheme that all your staff can join within a year of starting work with you.
You do not have to provide access to a stakeholder pension for any employee:
- Who has worked for you for less than three months.
- Who is a member of your occupational pension scheme.
- Who cannot join your occupational pension scheme because they are under 18 or within 5 years of the scheme’s pension age.
- Whose earnings fell below the National Insurance lower earnings limit for 1 or more weeks within the last 3 months.
- Who has refused to join your occupational pension scheme.
