Mercer challenges DWP Pensions Bill proposal

The consultancy says the DWP has failed to consider employees’ financial ‘reality’ when making the suggestion. Alternatives to personal accounts could include paying off student or credit card debts, and saving for a house-purchase deposit. By banning employees for providing these options, the ability of lower paid employees to meet their immediate needs would be reduced, Mercer says. Deborah Cooper, principal in Mercer’s retirement resource group, says: “The DWP wants to prohibit employers from offering inducements such as higher salaries or one-off bonuses to encourage employees ...