The National Association of Pension Funds (NAPF) has reiterated its warning the potential impact of government pensions reforms may lead to employers cutting back their contributions to occupational pension schemes.
At a seminar held yesterday by the NAPF, officials from the Treasury, Department for Work and Pensions and Downing Street were warned of the potential pitfalls of the proposed reforms.
NAPF, chief executive, Christine Farnish stated: :“While we support many elements of the government’s pension reform proposals we have real concerns that they might undermine today’s workplace pensions leaving many people worse off.
“If all employers offering DC pensions cut back their contributions to the minimal levels of the NPSS, people in workplace pensions could lose out on employer contributions worth around £5,000 a year in retirement.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Matthew West on 020 7484 9893 or email [email protected].IFAonline
No preferred charging model
To 1,552 families and businesses
HL and Liberty SIPP slowest
Lifetime and annual allowances