Stakeholding rules 'being flouted by 92% of solicitors'Survey: 100 audits of schemes reveal pension criteria lapsesSolicitors are failing to get to grips with stakeholder pensions which could leave them facing fines of up to 50,000, figures have shown.

According to figures collated by law firm Armstrong Neal Financial - which has conducted 100 free audits of law firm pensions schemes - 92% were non-compliant with the stakeholder requirements.

Under the new legislation, which comes into force in April and must be complied with by October, businesses with five or more employees (including partners and part-time workers) must facilitate access to pension schemes for staff.

According to Armstrong Neal Financial partner Gareth Fatchett, existing firm pensions generally failed to meet requirements because of access.

To be stakeholder compliant, pensions must be available to all staff after three months of employment.

Of the firms audited, 80% of those which had existing, but non-compliant schemes, said they would be extending them to all staff by October.A separate survey of 100 firms without existing schemes found that 84% said they would facilitate access and make contributions on behalf of employees.

Mr Fatchett said he had been concerned by two unnamed firms whose pensions schemes excluded women.

He advised all employees to make enquiries of work schemes.

LINKS: www.freestakeholderaudit.co.ukSue Allen