Stakeholder: are you ready?
The introduction of the new stakeholder pension from April next year will have important implications for many types of employers - and that includes legal practices. Tim Sargisson explains how to become a stakeholder-friendly employer
There is concern in the pensions industry that employers have failed to grasp the impact of stakeholder pensions on their businesses. A recent survey by Scottish Equitable showed that only 4% of employers understood the concept of stakeholder. The reality is that the changes being introduced by the Government next year are likely to affect many law firms.While the introduction of stakeholder schemes is still some eight months away (6 April, 2001) and firms have until October 2001 to put arrangements in place, now is the time to start making arrangements for next year. It could take up to three months to audit existing pensions arrangements to determine whether they are stakeholder compliant and, if not, to make the necessary amendments. Selecting a stakeholder provider could take a further three months and another six months might be required for necessary alterations.
This premium content is reserved for
Legal Week Subscribers.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651