stakeholder pension scheme
- stakeholder pension scheme
In the UK, a type of low-cost pension available from April 2001. Employers with five or more employees have to make a stakeholder pension available to their staff. Stakeholder pensions are bought from authorized financial institutions, such as insurance companies, banks, and building societies. The pension providers can only charge a maximum of 1% of the value of the pension fund each year to manage the fund, plus costs and charges. Any extra services and any extra charges not provided for by law, such as advice on choosing a pension or life assurance cover, must be optional. All stakeholder schemes will accept contributions of as little as £20, payable weekly, monthly, or at less regular intervals. The scheme must be run by trustees or by an authorized stakeholder manager.
Accounting dictionary.
2014.
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Stakeholder pension scheme — Stakeholder pension schemes were introduced in the UK in 2001 to encourage more long term saving for retirement, particularly among those on low to moderate earnings. They are required to meet a number of conditions set out in legislation,… … Wikipedia
stakeholder pension scheme — In the UK, a type of low cost pension available since April 2001. Employers with five or more employees have to make a stakeholder pension available to their staff. Stakeholder pensions are bought from authorized financial institutions, such as… … Big dictionary of business and management
stakeholder pension — A money purchase scheme designed to provide retirement benefits, mainly for employees or the self employed. It must be registered with the Pensions Regulator. If an employer with five or more employees does not provide an occupational pension… … Law dictionary
stakeholder pension — ➔ pension1 * * * stakeholder pension UK US noun [C] FINANCE, HR ► in the UK, a type of personal pension plan introduced in 2001 into which people can make regular payments that are invested to provide them with a pension: »If you employ 5 or more … Financial and business terms
pension scheme — Any arrangement the main purpose of which is to provide a defined class of individuals (called members of the scheme) with pensions. A pension scheme may include benefits other than a pension and may provide a pension for dependants of deceased… … Accounting dictionary
stakeholder pension — noun A type of pension arranged as part of a private scheme complying to certain requirements established by the government • • • Main Entry: ↑stake * * * stakeholder pension UK US noun [countable] [singular stakeholder pension … Useful english dictionary
stakeholder pension — stakeholder pensions N COUNT In Britain, a stakeholder pension is a flexible pension scheme with low charges. Both employees and the state contribute to the scheme, which is optional, and is in addition to the basic state pension. [BUSINESS] New… … English dictionary
personal pension scheme — An arrangement in which an individual contributes part of his or her salary to a pension provider, such as an insurance company or a bank. The pension provider invests the funds so that at retirement a lump sum is available to the pensioner. This … Big dictionary of business and management
personal pension scheme — An arrangement in which an individual contributes part of his or her salary to a pension provider, such as an insurance company or a bank. The pension provider invests the funds so that at retirement a lump sum is available to the pensioner. This … Accounting dictionary
stakeholder pension — n a type of private pension scheme (= a system where people at work pay money regularly into a fund so that they will receive an income when they retire) introduced in Britain in 2001 which must meet certain standards set by the government. A… … Universalium
