Guide to stakeholder pensions available on web

- Last updated on GMT

Related tags: Stakeholder pension scheme, Retirement, Financial services

A free step-by-step guide showing licensees how they can set up a stakeholder pension scheme for their staff is now available on the internet thanks...

A free step-by-step guide showing licensees how they can set up a stakeholder pension scheme for their staff is now available on the internet thanks to F & W Financial Solutions.

The guide has been introduced on the back of the Welfare Reform and Pensions Act 1999 which requires all employers with five or more staff with three months or more continual service to set up a pension scheme for their workers.

While they do not need to contribute to the scheme themselves, the licensee has to ensure that deductions are made from the staff salary into an approved scheme and must also get written confirmation from any staff who do not want to start up a pension.

The new legislation sparked anger from some trade leaders earlier this year, with concern that the regulations would mean an extra workload for publicans in order to meet the October deadline set by the government. There was also concern that confusion over how to set up the schemes could also lead many licensees to miss the deadline.

But the new Internet service, which is free, gives guidelines on the steps licensees need to take to set up an approved pension scheme.

"The site can be used by both employers and employees of the licensing trade," said F & W's Ian Walmsley. "Licensees can follow the step-by-step instructions and can choose one of three stakeholder product providers recommended by us.

"It doesn't cost them anything to log onto our website, but if they fail to set up a scheme by the deadline they could be liable to a £50,000 fine."

This follows a move just last month by the Norfolk and Norwich Licensed Victuallers Association, which teamed up with local solicitors Howes Percival to offer a pension package to publicans.

Anyone interested in taking advantage of the free internet service can log onto the site at www.fandwfinancialsolutions.co.uk.

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