Under 10% of firms will level-down pension schemes: Webb

Webb announced today the threshold for auto-enrolment into workplace pension schemes would be in line with the PAYE threshold, which will be £7,475 in April 2011. He also said there will be no exemption from auto-enrolment for micro-businesses and quashed fears the scheme will encourage businesses with existing pension schemes to reduce benefits for members. Webb said: "Estimates of levelling-down amongst employers are overstated. "Levelling-down will be limited, and easing the certification of acceptable occupational pension schemes will prevent this. Fewer than 10% of employers w...