£10,000 fine imposed for stakeholder non-compliance

For the first time since stakeholder pensions were introduced, the Occupational Pensions Regulatory Authority (OPRA) has fined an employer for failing to provide its employees with access to a stakeholder pension arrangement. The £10,000 penalty was imposed on Flowfood Ltd, a food processing company that has approximately 300 employees, following a complaint from an employee who said it had denied him access to a scheme.