Auto-Enrolment, Private Pensions and NEST – Page 6

Auto-enrolment first anniversary – many happy returns?

October 1, 2013 Ros Altmann Comments 0 Comment

1 October 2013 Employers must be warned of complexity and need to prepare at least a year ahead Can’t leave it till the last minute as capacity crunch looms Significant challenges still remain despite promising start Aim to improve pensions for millions: One year ago today, the first and largest employers became legally obliged to automatically enrol their employees into a pension scheme and pay contributions for them too. This is a social policy which aims to improve pensions for…

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OFT Report on industry charges – who is protecting the customer?

September 23, 2013 Ros Altmann Comments 0 Comment

23 September 2013 NEST charging structure may be responsible for failure to recommend a charge cap – NEST would not comply with a 1% cap! The long-awaited OFT report into pension scheme charges has finally been released – but its recommendations are disappointingly weak in terms of consumer protection. The OFT has done an excellent job in highlighting the excessive charges on older (particularly pre-2001) pension schemes but it has shied away from recommendations that would quickly bring them down….

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Wouldn’t a 1% charge cap leave NEST out on a limb?

September 17, 2013 Ros Altmann Comments 0 Comment

OFT report into pension charges expected to propose a 1% cap How does that square with NEST’s 1.8% initial charge? NEST charging structure needs urgent overhaul as it can be poor value The long-awaited report from the Office of Fair Trading, assessing the charges levied on UK pension plans, is about to be released and is expected to recommend a cap on the charges for UK pensions probably of 1%. This recommendation would raise a number of issues. It is…

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Auto-enrolment is going well, but it is only a start

August 8, 2013 Ros Altmann Comments 0 Comment

8 August 2013 DWP delighted auto enrolment opt-outs much lower than expected Treasury will have to budget for higher than expected tax relief! Encouraging progress in improving private pension coverage, but far more is needed – including annuity reform Auto-enrolment among largest firms has been successful in ensuring more people save in a pension: The DWP has released figures today showing that nine out of ten workers automatically enrolled into their employer’s pension scheme have decided to stay in. It…

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