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Aon plants a tree for employers

Aon Consulting is producing a decision tree for employers to help them prepare for the introduction of stakeholder.

It hopes the tree will help employers decide whether to have a stakeholder scheme running alongside an existing scheme or to change existing arrangements to remove the need to offer stakeholder.

The tree, featured in Aon&#39s quarterly newsletter Compass, poses the basic questions that employers must address.

The newsletter contains tax planning features of stakeholder for individuals and their partners where only one of them is earning an income. It also looks at the impact of improved longevity on pension schemes.

Aon says the charges on stakeholder-friendly pensions may be lower for many employees earning below £30,000 compared with AVC charges, so companies may choose to offer another scheme to meet this need.

It says employers will have to address issues on cost, communication, admin, employee relations and expectations. Aon recommends emp- loyers to start communicating with staff as soon as possible.

Senior consultant Steven Johnston says: “Even for those employers where no stakeholder requirements apply, consideration of the issues raised will still be needed.

“Preparing now in good time presents an ideal opportunity for employers to deal with stakeholder.”

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