Government could receive £4bn stakeholder windfall

The Department of Social Security could benefit financially from introducing stakeholder pensions if employers do not set up a scheme by October. Employers without a stakeholder pension scheme in place by the deadline date for introduction of 8 October run the risk of investigation from the Occupational Pensions Regulatory Authority and a potential fine of up to £50,000. Insurer Legal & General estimates government coffers could be some £4bn better off as a result if small companies fail to get stakeholders up and running by the deadline date and have to pay a fine. Monitoring of...