Reporter 17/10/01: Stakeholder pensions: Notice

Stakeholder pensions: Notice

15 October 2001

As a result of the Welfare and Pensions Reform Act 1999 the University is required to provide access to a designated stakeholder pension arrangement for its 'relevant' employees. 'Relevant' employees are all employees except:

(i)	any employee whose employment qualifies them for membership of the occupational pension scheme offered by their employer;
(ii)	any employee whose earnings have been less than the Lower Earnings Limit for National Insurance contributions, currently £72.00 a week, for a period of three months;
(iii)	any employee whose employment would qualify him or her for membership of an occupational pension scheme if he or she were over 18 years of age or more than five years below that scheme's normal retirement age;
(iv)	any employee whose employment would qualify him or her for membership of an occupational pension scheme if he or she had been employed for more than twelve months;
(v)	any employee whose employment qualifies them to join an occupational pension scheme, but who has elected not to join that scheme.

On the advice of the Finance Committee the Council have selected the stakeholder pension scheme provided by Barclays in conjunction with Legal & General as its selected stakeholder pension.

The Council have also agreed that any employee who is unable to join one of the occupational schemes offered by the University, but not those employees who have elected not to join the scheme when offered membership, should be given access to its designated stakeholder even if they would not qualify as a 'relevant' employee.

The legislation also permits members of occupational pension schemes who earn less than £30,000 a year to contribute to a stakeholder pension and the Council have agreed to let those University employees who are permitted to contribute to a stakeholder pension to contribute to the University's designated stakeholder pension.

Further information about the University's designated stakeholder pension can be obtained from Mrs S. E. Curryer, Head of Pensions Administration, 10 Peas Hill, Cambridge, CB2 3PN.

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