At least 1.5 million UK workers have missed making more than £745m in stakeholder pension contribut...
At least 1.5 million UK workers have missed making more than £745m in stakeholder pension contributions since October 2001, according to research by HSBC Bank. The missing money is the result of red tape facing employers wishing to run staff pension schemes, coupled with a lack of significant incentives to encourage employer contributions, the bank said. Stakeholder pensions legislation requires all employers with five or more employees to designate a pension scheme provider for their staff by October 2001. However, HSBC head of life and pensions, Harpal Karlcut, said there are no significant tax incentives to encourage them to contribute to staff pension plans, which would also encourage employee contributions.
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