Pensions Bill: Employers left in dark
Thu 5 Jun 2008
04/06/2008
More than half of UK employers are unsure how new pensions' legislation will affect their business, the British Chambers of Commerce has revealed. From 2012, employers will be able to automatically enroll their workers into either their existing pension scheme or a new savings vehicle called a Personal Account, however only ten per cent know the cost of the reform. David Frost, director general, was surprised at the lack of knowledge, considering the importance of the changes. "Not enforcing the changes until 2012 is a smart move as it allows employers some time to phase in the reforms," he said. "But as our survey clearly shows, more action is needed to improve employer awareness so that businesses are not caught out and left unable to safely plan for their financial future." The Pensions Bill is currently getting its second reading - the National Association of Pensions Funds warmly welcomed a recent EU vote in support of auto enrolment.
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