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Latest NewsDepartment for Work and PensionsEconomics, government & businessPay & benefitsPensions

Pensions Bill amendment aims to cut Pension Credit bill, not help savers

by Greg Pitcher 30 Jun 2008
by Greg Pitcher 30 Jun 2008

The government’s decision to ban employers from encouraging their staff to opt out of a workplace pension scheme has been branded self-serving.

Pensions reform minister Mike O’Brien last week proposed an amendment to the Pensions Bill to stop employers from offering inducements – such as higher salaries or one-off bonuses – to persuade workers to cancel their pension contributions.

The ban, due to come into force in 2012, would also prevent firms from forcing employees to sign opt-outs from workplace schemes.

But Deborah Cooper, principal at consultancy Mercer’s retirement resource group, said: “Without amendment, the Department for Work and Pension’s proposal will serve its own interests of minimising its need to pay means-tested Pension Credit, rather than benefiting the target group.”

According to Cooper many of those who will be auto-enrolled into the government’s new personal accounts workplace pension scheme currently have no savings whatsoever.

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“The proposed regulatory changes will further reduce their chances to make precautionary short-term saving,” she said.

Announcing the proposal last week, O’Brien said: “It is very important that people are allowed to meet their retirement expectations by building up the savings they need. Decisions on whether or not to save in a workplace pension need to be taken free of any unfair pressure.”

Greg Pitcher

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