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PIFC stakeholder site targeted at employers

Employee benefits specialist PIFC Consultants is setting up a website dedicated to stakeholder pensions and featuring a decision tree geared specifically at employers.

PIFC says the move is in response to the low level of understanding among UK businesses about the introduction and impact of stakeholder which employers must make available to staff from October 2001.

The new site, at www.pifc. co.uk, features what PICF claims is a simplified decision tree aimed at helping firms decide if they are exempt from providing access to stakeholder.

PIFC, which represents the IFA sector on the Gov ernment&#39s stakeholder advisory board, says that although firms are not yet req uired to make contributions to stakeholder, the Government intends to shift an increasing proportion of the pension liability from the state to private provision.

It says the Government curren
tly meets 60 per cent of the UK&#39s pension provision but is aiming to reduce this to 40 per cent by 2005.

PIFC believes it is increasingly vital for employers to realise their responsibilities ahead of the launch of stakeholder but also ahead of compulsory employer contributions which it believes could soon follow as an inevitable development in the Govern ment&#39s pension plans.

Chief executive Terry Bennett says: “In some way or another, the introduction of stakeholder will affect most companies and employees in the country.

“Also, it is only a matter of time before it bec omes compulsory for employers to make a contribution to their employees&#39 stakeholder pension schemes.

“The amount of time left for companies to get to grips with its introduction is beginning to run out. Yet, as an issue, it is not well publicised and lacks widespread understanding.”

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