Latest figures show that there are still at least 175,000 companies yet to register as stakehol...
Latest figures show that there are still at least 175,000 companies yet to register as stakeholder providers even though the October deadline is looming.
According to the Association of British Insurers' statistics, only 123,158 had registered by the end of July and the Department for Work and Pensions estimate there are between 300,000 and 400,000 that are obliged to do so.
The statistics show that over July, only 35,000 employers registered as stakeholder providers. Although the pace of registration is expected to pick up, with just a month left now, it will have to be a dramatic increase. Using July's rate of registration it will take at least until the end of the year for eligible companies to have completed this compulsory duty. It remains to be seen how efficient the FSA's measures will be to fine unregistered companies, especially if there are so many cases.
The ABI's figures also showed that almost 70,000 new stakeholder pensions were bought in July bringing the total number of policies arranged since April's launch to nearly 300,000.
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