Setting Up a Stakeholder Pension Scheme

If you've decided to set up a stakeholder pension scheme for your employees, then you should make sure that you check the register of approved stakeholder pension schemes with the Pensions Regulator before selecting a scheme.

Once you have made your choice, you should:

• Designate (formally choose) your stakeholder pension scheme.
• Discuss your choice of scheme with your eligible employees and give them the name and address of the stakeholder pension scheme.
• Inform your employees about payroll deduction arrangements.
• Make payroll deductions (if the employee has not opted out).
• Send all contributions(employee and employer - if any) to the stakeholder pension scheme provider within the given time limits, making sure that you formally record the payments.