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02/10/2001
NI lags behind UK in designating stakeholder pensions
Only two thirds of Northern Ireland businesses have designated a stakeholder pension provider compared with the UK average of 85 per cent a new report shows.
Research just published from the Abbey National shows only 68 per cent of Northern Ireland businesses have designated a stakeholder pension provider, with only 16 per cent of employer’s contributing compared with 32 per cent in the UK.
In Northern Ireland, 14 per cent of small firms (5-50 employees) are planning to contribute to contribute to stakeholder pensions compared with the UK average of 27 per cent.
About the same number, 18 per cent, of larger firms (50+ employees) are planning to contribute, compared with 37 per cent in the rest of the UK.
With only days to go until the October 8 deadline for designating a stakeholder pension provider, Abbey National’s research shows that most businesses required to - will meet the deadline. 85 per cent of UK businesses have already designated a provider. Of those who have not yet actually designated, 96 per cent will have done so by the deadline thereby avoiding a fine of up to £50,000.
Steve Conley, Group Development Manager for Pensions at Abbey National said: “It is encouraging that so many businesses have chosen a provider ahead of the deadline. It is also interesting to see how many employers will contribute, as this has a big effect on how many staff join the stakeholder pension scheme. In general, there is a 20 per cent take-up where an employer does not contribute, but a 60 per cent where the employer does contribute.”
“Less than a fifth of Northern Ireland businesses are planning to contribute but hopefully more companies will decide to contribute, as, ultimately, the success of the scheme will depend on this.” (AMcE)
Research just published from the Abbey National shows only 68 per cent of Northern Ireland businesses have designated a stakeholder pension provider, with only 16 per cent of employer’s contributing compared with 32 per cent in the UK.
In Northern Ireland, 14 per cent of small firms (5-50 employees) are planning to contribute to contribute to stakeholder pensions compared with the UK average of 27 per cent.
About the same number, 18 per cent, of larger firms (50+ employees) are planning to contribute, compared with 37 per cent in the rest of the UK.
With only days to go until the October 8 deadline for designating a stakeholder pension provider, Abbey National’s research shows that most businesses required to - will meet the deadline. 85 per cent of UK businesses have already designated a provider. Of those who have not yet actually designated, 96 per cent will have done so by the deadline thereby avoiding a fine of up to £50,000.
Steve Conley, Group Development Manager for Pensions at Abbey National said: “It is encouraging that so many businesses have chosen a provider ahead of the deadline. It is also interesting to see how many employers will contribute, as this has a big effect on how many staff join the stakeholder pension scheme. In general, there is a 20 per cent take-up where an employer does not contribute, but a 60 per cent where the employer does contribute.”
“Less than a fifth of Northern Ireland businesses are planning to contribute but hopefully more companies will decide to contribute, as, ultimately, the success of the scheme will depend on this.” (AMcE)
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