Pension officials say current government proposals for pension personal accounts auto-enrolment are likely to increase administration costs but still will not reach the main target market.
Details of the White Paper presented by the Department for Work and Pensions in May suggest the government wants to require all employees over the age of 22 who choose to opt out of contributing to a personal account to be auto re-enrolled every three years. It’s a stance which appears to have been hardened as policy by the DWP, as pension reform minister James Purnell has repeated the plan - to auto re-enrol all opt-out employees every three years - in his online ‘blog’ discussions with the public about personal accounts. However, Rachel Vahey, head of pensions development at Scottish E...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
