4.5. In accordance with
the provisions of the Welfare Reform and Pensions Act 1999, the
House offers staff of the House access to a designated stakeholder
pension provider. Where the member of staff chooses to contribute
to a stakeholder pension the House will deduct employee contributions
from the member of staff through the payroll system and pay the
contributions direct to the to the stakeholder provider, though
the House will not itself make any pension contribution. Staff
who have opted out of the HLSPS are not eligible for stakeholder
access to the designated HLSPS provider, though they are able
to contribute to a stakeholder pension independently.
4.6. The House also offers
members of the HLSPS access on a concurrent basis to the designated
stakeholder pension provider, as an alternative or supplement
to the House of Lords staff AVC scheme. The House will deduct
contributions from the employee's pay and pay them to the provider.
Since 6 April 2006, it is possible to contribute up to 100% of
pensionable earnings or £3,600 a year, whichever is the higher,
to a stakeholder pension.
4.7. Staff wishing to
contribute to a stakeholder pension, on either of the bases mentioned
in paragraphs 4.5 or 4.6 above, should consult the Human Resources
Office or the People, Pay and Pensions Agency (the authorised
pensions administrator (APAC) for the House of Lords).
Partnership pension accounts
4.8 Staff who are ineligible
for membership of the HLSPS (Premium) may also be offered access
to a partnership pension account. This is a stakeholder pension
held with one of a panel of designated providers to which the
House of Lords will make a contribution based on the age of the
employee (ranging from 3% of pensionable salary in the case of
employees under 21 to 12.5% for those aged 46 or over). If the
employee makes a contribution the House of Lords will match it
up to a maximum additional 3% of pensionable salary. Partnership
pension accounts are also available to staff as an alternative
to the HLSPS (Premium and Nuvos) except for staff who opted to
join Premium with effect from 1 October 2002 under the arrangements
described above (see paragraph 4.4). Staff will be advised if
they are eligible for a partnership pension account.