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Pension Overhaul: Countdown Begins

With 6 months to go until a change in legislation that will overhaul the UK Pensions industry is introduced, 3 million businesses are going to be affected.
Lifestyle - 13 March 2012   Download IconContent available for download:  
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With 6 months to go until a change in legislation that will overhaul the UK Pensions industry is introduced, over 3 million businesses are having to make preparations for this change – but to what extent?

Auto-enrolment – set to begin in October 2012 – means that workers will no longer choose whether to opt in-to their employers’ pension scheme: this will now happen automatically. This new law should mean a dramatic change in how we save for our retirement and the extent to which our employers will contribute. Employees need to understand how this will impact them and their long term future.

All companies need to prepare for the change, and ensure that the decisions they make will benefit and suit their employees: pension decisions must be low cost, high performance and simple. Ultimately the decisions companies make now will have a significant impact on their employees’ long term retirement income.

. Introduction:

A new change in legislation will see the UK pension system overhauled throughout 2012, with 3 million businesses affected. Companies need to ensure that they prepare for the change and consider the impact of their decisions on their employees, whilst workers need to understand their rights and exactly what it means for them.

So with the countdown to auto-enrolment underway, how will changes to legislation affect both businesses and employees?

Joining us to discuss this further is Morten Nilsson, CEO of Now: Pensions, Nigel Waterson, Former Shadow Pensions Minister and Lord John Monks, Member of the House of Lords and former General Secretary of ETUC and TUC.