Stakeholder Pensions Guide

Scottish Life Stakeholder Pension

Making Payments to the Stakeholder Pension Scheme

You are responsible for ensuring that the percentage of pay has been calculated correctly and forwarded to the scheme provider.

The stakeholder pension scheme provider will tell you what arrangements are in place to deal with payments.

If you want to pay electronically, your scheme provider may be able to provide you with the necessary computer software Otherwise the scheme provider will usually send you forms for you to fill in the payment details

These arrangements – whether software records or forms – are important as they are the legal record of your payroll deduction arrangements.

Record Keeping

Record keeping is a key part of the deduction arrangements. You must keep up-to-date records of the amounts and dates of contributions from employees and employer contributions (if applicable). This record enables the scheme provider to monitor that the correct payments have been made and that they have been made on time

Details to be included in the records will include

  • Employer’s name
  • Scheme contracted out number
  • Employees names and National Insurance numbers
  • Employee’s contribution amounts
  • Employer’s contribution amounts (if applicable)
  • The date that your employee’s contributions are due
  • The date that your employer’s contributions are due (if applicable)

You must keep this record up to date. You must update the record if

  • Your employees change the amount of their contributions (or if your contributions change, if applicable)
  • Your employees decide to start making contributions to a stakeholder pension scheme using payroll deductions
  • Your employees decide to stop payroll deductions

If you have to update a record or prepare a new one, you must send it to the stakeholder pension scheme so that the scheme provider has it by the date the payment is due

Stakeholder Pension Guide Copyright © is4profit Ltd 2000-2008
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