Employers left in dark over stakeholder pensions, EEF claims

The Government has failed on its pledge to make stakeholder
pensions a ‘simple, low cost and flexible’ means of saving for retirement.

Research by the Engineering Employers’ Federation (EEF)
suggests that smaller companies are struggling to provide employee access by
the deadline of 8 October.

Many who are encountering employee pensions for first time
are also having difficulty knowing what they are supposed to do.

In response the EEF has published a guide that answers many of
the questions raised during 18 months of national consultation.

EEF deputy director of employment policy, David Yeandle,
believes the main problem is a lack of guidelines within the legislation.
“There’s a requirement under the legislation to consult employees but there’s
no guidance given to employers about what this should involve,” he explained.
“It leaves implementation totally open to employers who then query the basis by
which they are doing it.”

www.eef.org.uk

By Philip Boucher

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today and OHW+ - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Name

This field is for validation purposes and should be left unchanged.

Δ