Stakeholder Pensions

Formal Designation of the Scheme

Designation is the term used to describe the process where an employer formally selects a stakeholder pension scheme which his or her employees are invited to join.

You make final decision

You are responsible for checking that the scheme is a registered stakeholder pension scheme. Check this against The Pensions Regulator's list of registered schemes

When you have designated a stakeholder pension scheme, you should write to the scheme provider to confirm that you have chosen the scheme. Such a letter could provide evidence of your choice if any questions arise.

You are responsible for checking that the scheme remains registered by checking every now and then (The Pensions Regulator recommends checking once a year) against The Pensions Regulator's list of registered schemes

Providing Information to Employees

You must provide eligible employees with full details of your chosen stakeholder pension scheme, so they can decide whether to join the scheme and so they can contact it. Information should include:

• Name and address of the stakeholder pension scheme
• Contact details of a named representative at the company, phone, fax and e-mail

The scheme provider may also provide their own literature or leaflets for you to circulate to your employees

You could invite a representative of the pension scheme provider to visit or contact your employees at work

By law you must allow the scheme provider 'reasonable access' to your workforce

• You should allow a representative of the stakeholder pension scheme to visit your workplace and talk to your employees about the benefits of joining the scheme
• You can set conditions about when the visit takes place and how it is carried out