Stakeholder Pensions

Registration, Regulation & The Role of The Pensions Regulator

The legal requirements for stakeholder pensions are included in the Welfare Reform and Pensions Act 1999 and The Stakeholder Pension Schemes Regulations 2000 - SI 1403

• To qualify as a stakeholder pension, a pension scheme must satisfy a number of minimum conditions, as set out in Section 1 of the Welfare Reform and Pensions Act 1999. Further details are available on The Pensions Regulator's website.

• The Pensions Regulator is responsible for enforcing the conditions that define a stakeholder pension and allow it to be registered. The Pensions Regulator can fine trustees and providers for falling short of the conditions. In extreme cases it can withdraw stakeholder registration and order the winding-up of the scheme.

• Before a scheme can be marketed as a stakeholder pension, it must get tax approval from the Her Majesty's Revenue & Customs and be registered with The Pensions Regulator.