Pension legislation faces further delay

Legislation on the amount of money companies must put into their pension funds is to be delayed for a further two months, the government has announced.

The legislation on scheme-specific funding (SSF) has already been delayed once, from 23 September to late October, missing a European Union pensions directive deadline.

As a result, companies with pensions valuations that are due between 22 September and 30 December will be given a three-month extension to the 15-month deadline by which valuations done under the new rules must be complete.

Stephen Timms, the pensions minister, said that the hold-up had been caused by a desire to get the legislation right. He said there was no one key problem with the new rules.

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