Stakeholder documents requirement

Regular and single premium stakeholder pensions are to be subject to anti-money laundering rules. Any stakeholder in which a member pays more than £50 per month or a single premium above £1,452 will have to produce documentation to prove the money has come from a legitimate source. The guidance comes from the Joint Money Laundering Steering Group, which has members from several trade associations including Aifa, the ABI and BBA. Until now there has been confusion about whether stakeholder schemes would be subject to the legislation. Previously they had only applied to single premiu...