Lord Campbell of Croy
asked Her Majesty's Government:
Whether the system of stakeholder pensions is coming into operation in the way in which the Government had intended it should. [HL748]
§ The Parliamentary Under-Secretary of State, Department for Work and Pensions (Baroness Hollis of Heigham)
The statutory provisions for stakeholder pensions have been introduced as planned. Stakeholder pensions have been on sale since April of this year and on 8 October the requirement for employers to provide their staff with workplace access to a stakeholder pension scheme came into effect.
It is too early to draw detailed conclusions about trends, but early figures show that over 400,000 stakeholder pensions have been taken out in the first six months, which is very encouraging.