§ Sir Archy KirkwoodTo ask the Secretary of State for Work and Pensions if he will make a statement on action taken in relation to companies who are unable to find an insurer to set up a company stakeholder pension scheme with. [163132]
§ Malcolm WicksThe Occupational Pensions Regulatory Authority (Opra) is responsible for regulating compliance with the requirement for employers to offer access to stakeholder pension schemes.
Opra has not found any cases, or received any reports, of employers being non-compliant with the requirement because they could not find a suitable stakeholder pension scheme provider. Opra is satisfied that there is an adequate number of schemes open to employers, so no specific action is required. Opra is monitoring the position.
1028WIf an employer is required to designate a stakeholder pension scheme for their employees they should first check the register of stakeholder pension schemes for Opra's website which will give addresses of providers. This also gives details of restrictions on membership and availability to designate.