stakeholder pension
Employers with five or more employees have to make a stakeholder pension available to their staff. The term includes both occupational pensions and personal pension plans. The elements of a stakeholder pension scheme are:
• Anyone who is not a member of an occupational pension scheme can pay up to a specified sum each year into a stakeholder pension, even if he has no earnings.
• Contributions above this specified sum can be made based on earnings, subject to a cap that varies from year to year.
• All contributions are paid net of basic rate tax. The pension provider then obtains a sum equivalent to basic rate tax from HM Revenue and Customs.
• There are provisions for carrying back a contribution to an earlier tax year.
• Detailed regulations limit the charges that can be levied by the pensions provider to (generally) 1% of the premium paid.
There is a maximum permitted size to an individual’s pension fund. This varies from year to year.
https://www.moneyadviceservice.org.uk/en/articles/stakeholder-pensions
• Guide to stakeholder pensions from the Money Advice Service
- ipso jure
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