Any additional charges must be optional. Employees are allowed to transfer in or out of the pension without incurring any additional charges. The pension must be made available to all employees who earn 67 or more a week. Keep minimum contributions low. The stakeholder pension provider must accept contributions as low as 20 per employee per payroll period.
Employees can choose when how much they want to contribute to the pension.
They can stop and start contributing at any time after 6 April. Provide regular information. The trustee or stakeholder manager is required to provide employees with regular information, including an annual statement and a forecast of the likely pension on retirement. The pension may either be governed by a trustee board or run by a stakeholder manager. Once you have selected a provider, inform and educate your employees about the new scheme.