29/06/2010 | |
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Written by Mandy Brown, Pensions Technical Team, 28 June 2010 This information is directed at professional financial advisers only. It should not be distributed to, or relied upon, by retail customers. Part of the Labour Government’s workplace pension reform, the introduction of auto-enrolment into pension savings, and the creation of NEST (National Employment Savings Trust), administered by TCS (Tata Consultancy Services) at a cost of £600m is to be subject to an independent three month review. What is being planned? The Coalition Government has confirmed its support of auto-enrolment. However, they are determined not to rush into a policy which was based on the findings of the Turner review back in 2005, (before such factors as the credit crunch and more details of the costing of NEST were understood, to name but a few). As a result the DWP have charged a team of three individuals, headed by Paul Johnson (Senior Associate at Frontier Economics and Research Fellow at the Institute of Fiscal Studies) with reviewing automatic enrolment and how to make it work. They have to present their analysis, conclusions and recommendations back to the Government by 30 September 2010. Details of the automatic enrolment review are available at http://www.dwp.gov.uk/policy/pensions-reform/workplace-pension-reforms |
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