Stephen Timms, minister for pensions reform, says compulsory employer contributions are a significant element of the National Pension Savings Scheme (NPSS) proposals, suggesting it could feature in the government's White Paper on pensions in the spring.
Taking part in a roundtable discussion with advisers as part of the launch of IFAonline.tv , Timms answered a comment as to why the government was looking at an 'NPSS-type' model, when the basis of the stakeholder schemes could be made to work with a “bit of tweaking”. He replied the ABI’s proposal - for 'Partnership Pensions' - which was submitted to the Department for Work and Pensions on Friday, did suggest building on the current stakeholder system, but he said although there are around 2½m people saving in stakeholders, “the scale wasn’t there yet”. Timms also claimed there were tw...
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
