Businesses affected by the coronavirus pandemic could encourage staff to quit their company pension scheme, the ombudsman Antony Arter has warned. Currently, it is illegal for businesses to ask or induce employees to opt out of their workplace retirement plan after they’ve been enrolled. But if a member of staff does opt out, the employer does not have to make contributions of at least three per cent of their pensionable Read More….
Tag: Pension Scheme
According to the Bank of England (BoE) governor Andrew Bailey, recent plans for “pension superfunds” could pose a threat to financial stability. Bailey has written to the work and pensions secretary, Therese Coffey, to criticise elements of an interim framework for pension superfunds, which was recently announced by The Pensions Regulator (TPR). This was widely heralded by the pensions industry as a way to protect scheme members in the long-term Read More….