Occupational Schemes

If you currently offer an occupational pension scheme, you could be exempt from providing a stakeholder pension providing that within one year of commencing work for the employer, all employees (over 18) should be able to join the scheme.

The scheme still meets the eligibility criteria even if you exclude individuals:

  • who have earned less than the lower earnings limit (£90/wk in 2008/2009) for at least one week in the previous three months.
  • who are within five years of the scheme normal retirement age
  • who previously declined membership of the scheme

If you have employees not covered by the above, you must widen the eligibility criteria of your existing scheme or offer a Stakeholder Scheme.