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New law needed for pension protection, says minister
New law needed for pension protection, says minister
This is a duplicate of the Blog Entry made on: 9th March 2016 19:14
This is a duplicate of the Blog Entry made on: 9th March 2016 19:14
A new law is needed to protect workers' savings held by companies that provide auto-enrolment pension schemes, a minister has said.
Fears that dozens of companies providing these pensions are too small to survive were explored in a recent BBC investigation. Now Pensions Minister Ros Altmann has told MPs that legislation is needed to "ensure proper protection" for savers. She said that she was pushing for a slot for a law to be proposed. "We know that doing nothing is not an option," she told the Work and Pensions Select Committee.
Savings at risk
Workers are being automatically enrolled into a workplace pension by employers in a rolling programme set out by the government, although employees are free to opt out. So-called Master Trust schemes, which manage pensions, are popular with the 1.8 million small employers with fewer than 30 staff who are currently signing up staff under the auto-enrolment programme. Only five have some kind of kitemark, and The Pensions Regulator told the BBC that there was a risk that some of the smaller schemes might not survive, putting savers' money at risk......Read more here
Fears that dozens of companies providing these pensions are too small to survive were explored in a recent BBC investigation. Now Pensions Minister Ros Altmann has told MPs that legislation is needed to "ensure proper protection" for savers. She said that she was pushing for a slot for a law to be proposed. "We know that doing nothing is not an option," she told the Work and Pensions Select Committee.
Savings at risk
Workers are being automatically enrolled into a workplace pension by employers in a rolling programme set out by the government, although employees are free to opt out. So-called Master Trust schemes, which manage pensions, are popular with the 1.8 million small employers with fewer than 30 staff who are currently signing up staff under the auto-enrolment programme. Only five have some kind of kitemark, and The Pensions Regulator told the BBC that there was a risk that some of the smaller schemes might not survive, putting savers' money at risk......Read more here