Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Stakeholder pension definition

What does Stakeholder pension mean? A stakeholder pension is a low‑cost, contract‑based defined contribution (money purchase) personal pension used to help individuals on low to moderate incomes save for retirement with flexible, low minimum payments. The product is set by statute (Welfare Reform and Pensions Act 1999 and the Stakeholder Pension Schemes Regulations 2000, with parallel Northern Ireland provisions). Key legal features include: a cap on annual management charges—currently up to 1.5% a year for the first 10 years of a member’s participation and 1% thereafter; minimum contributions no higher than £20 (including irregular and payroll‑deducted payments); the ability to start, stop or vary contributions without...

Stakeholder pension schemes: legal framework for establishment, operation, charging, disclosure, investment and winding-up, and employers’ residual contribution-deduction duties post-2012 automatic enrolment

Published by a LexisNexis Pensions expert

Practice notes

From 1 October 2012, the duty on employers to nominate and facilitate access to a stakeholder pension scheme (as set out in section 3 of the Welfare Reform and Pensions Act 1999 (wrpa 1999)) ceased, as the new requirement by employers to enrol workers automatically into an automatic enrolment scheme (introduced by the Pensions Act 2008) took effect thereafter. However, unless a relevant exception applies (eg where an employer is notified that a designated stakeholder pension scheme has begun winding up), employers remain under an ongoing obligation, as applicable, in respect of relevant employees, to deduct employee contributions to any existing stakeholder scheme from pay, as appropriate, and forward them to the trustees or managers of the schemes. In addition, both existing and newly created stakeholder pension schemes must continue to be run in line with the statutory requirements applicable to such schemes, as necessary. Ongoing familiarity with the legal requirements governing the establishment, maintenance and eventual winding-up of stakeholder pension schemes is therefore essential, and the purpose of this Practice Note is to outline a basic description of those requirements. This Practice Note should be read alongside the following practice notes, which provide an introduction to the operation of...

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Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 21/05/2026

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