Around three quarters of eligible employers are offering their workers stakeholder pensions, accordi...
Around three quarters of eligible employers are offering their workers stakeholder pensions, according to figures from the ABI.
The ABI said 72,811 employers signed up to stakeholder in October taking the total who have launched such schemes for employees to 284,821.
Joanne Segars, head of pensions at the ABI, said: 'Stakeholder pension providers have worked hard to encourage employers to designate stakeholder schemes. The industry is keen to work in partnership with the Government and employers in attracting more workers into employer-designated schemes.
'However, we should remember that stakeholder pensions are not the only story. Charges on group personal pensions have fallen as a result of stakeholder and employers have also widened their eligibility criteria for existing schemes. This means more people are able to save for their retirement, an aim shared by the Government and the ABI.'
The ABI said there is no precise estimate of the number of employers who were required to designate a stakeholder pension scheme by the 8 October deadline. However, it added that of the 400,000 UK employers with five or more employees, survey evidence from the Department of Work and Pensions suggests that between 50,000 and 100,000 are likely to be exempt from designating a stakeholder scheme, leaving a total of 300,000 to 350,000.
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