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Firms create stakeholder guide

The Chartered Institute of Personnel and Development is joining forces with KPMG to publish a stakeholder pension guide for employers.

KPMG is hoping the guide will help increase the current low levels of participation in occupational pensions before the launch of stakeholder in Aprilnext year.

The company says the extent of the problem is being highlighted by figures from the Department of Social Security show-ing only a third of private sector employers curr-ently offer any form of pension provision.

KPMG also says that, even though stakeholder pensions are simpler to understand and offer lower charges to employees than many existing pensions, the benefits will not be felt until employers and employees understand the new arrangements.

Executive consultant Andrew Scrimshaw says: “From next October, employers with more than four members of staff must face up to the responsibility of providing stakeholder pension schemes access for their employ-ees unless they already have qualifying pension arrangements.”

The report aims to explain in plain English who the new schemes will affect and answer key questions on issues such as paying contributions, charges and employers&#39 new duties.

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