Employers were reassured this week that plans to give employees “pensions forecasts” will not overwhelm them with paperwork.
The Government is introducing a voluntary scheme next year in which staff will be given a statement outlining the income they can expect on retirement. It will combine figures for state pensions and occupational or stakeholder pensions.
The Department for Social Security has been consulting with the CBI and running pilot schemes with major firms.
Social Security Minister Jeff Rooker yesterday presented one of the first combined pension statements to an employee of publishing company Emap.
CBI pensions policy adviser Mark Thomas said, “Employers have concerns about administrative burdens and data protection, and we raised them with the DSS. But we think the DSS has listened and struck the right balance.”