Since October 2001 employers have been obliged to provide a stakeholder pension for their non-pensioned employees.
Employers who do not comply with this requirement are liable to be fined (up to £50,000), but so far the compliance track record does not seem to have been very good. There is evidence that some employers consider the chances of being fined are fairly low. However, the relevant regulator, the Occupational Pensions Regulatory Authority (Opra), has indicated that the longer employers leave it to comply, the higher the fines will be. This is consistent with their practice to date in other areas, where they have allowed for an introduction period before holding employers to the letter of the law.
