Around 90% of pension schemes say the changes to the Pensions Act 2004 and the Finance Act 2004 have not improved the take-up of the scheme or simplified the administration, according to research from Capita Hartshead.
In its 13th Annual Pension Scheme Administration Survey, Capita Hartshead included a special section focusing on the way schemes have responded to the most recent legislative changes. As a result 96% of the 243 occupational pension schemes questioned believe the changes have not improved member take-up of the scheme, while 94% claimed it hasn’t provided a future for Defined Benefit (DB) scheme, and 92% thought administration had not been simplified. In addition, 89% of respondents said the legislation had not made schemes more attractive, while 72% did not believe the changes had met on...
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