Firms poorly prepared for simplification - survey

Responses also suggested that nearly half (48%) of those firms with clear dates in mind for preparation will only start preparing through 2005. A quarter of respondents have set a time period of a year or less to complete their implementation, Hewitt says. Businesses are therefore underestimating the need to be ready for simplification. Instead, they should act now to avoid potential financial penalties and negative employer/employee relations, as well as sufficient time to implement a new scheme design. Hewitt says firms will make major changes to their pension schemes as a result of...