Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Latest NewsPay & benefitsPensions

Pensions reform minister Mike O’Brien promises simpler pension scheme

by Gareth Vorster 24 Jul 2007
by Gareth Vorster 24 Jul 2007

The new pensions reform minister has told Personnel Today that the government will simplify the pensions system to ease the burden on employers.

Mike O’Brien, appointed by prime minister Gordon Brown last month, also stressed that the proposed ‘personal account’ pensions scheme would complement existing provision and would not compete with organisations’ existing schemes.

Under the proposals, employers will be required to auto-enrol all employees into either an existing pension or a personal account, which will have a minimum employer contribution of 3% of an employee’s wage.

O’Brien told Personnel Today that the target group for personal accounts was low-to-moderate earners who did not have access to a company scheme.

“It is important that quality workplace pension schemes are allowed to thrive,” he said. “Many employers offer good-quality pension schemes and we want to support them.

“We are examining pensions regulation with the aim of making the private pensions regulatory framework simpler, and to ease the burden upon employers.”

Pensions expert Rachel Vahey, head of pensions development at financial services firm Aegon Scottish Equitable, said it was crucial that the government targeted the right people.

“Personal accounts should be used for people who don’t have access to workplace pension schemes. That should be clear,” she said.

“Personal accounts will be used to close the gap for those who cannot get a work pension. People should still be encouraged to go for a workplace pension where they can.”

Joanne Segars, chief executive of the National Association of Pension Funds, said O’Brien would be watched closely by employers.

Avatar
Gareth Vorster

previous post
Employee assistance programmes are a lifeline for your business
next post
Prison Service must rethink relocation of jobs from Corby to Leicester says Commission for Racial Equality

You may also like

Law protecting frontline workers against violence takes effect

28 Jun 2022

Postal workers and doctors threaten strikes over pay

28 Jun 2022

Heathrow-based cabin crew set for 18% pay rise

28 Jun 2022

Attracting diverse young talent to the ‘secret’ world...

28 Jun 2022

Four-day week: what are the legal considerations for...

28 Jun 2022

Hire quality vs speed: Finding the perfect balance...

28 Jun 2022

Gender pay gap ‘won’t close until 2151’

27 Jun 2022

Third of employees living ‘payday to payday’

27 Jun 2022

PwC to award inflation-busting pay increase

27 Jun 2022

Barristers walk out in protest over fees

27 Jun 2022
  • NSPCC revamps its learning strategy with child wellbeing at its heart PROMOTED | The NSPCC’s mission is to prevent abuse and neglect...Read more
  • Diversity versus inclusion: Why the difference matters PROMOTED | It’s possible for an environment to be diverse, but not inclusive...Read more
  • Five steps for organisations across the globe to become more skills-driven PROMOTED | The shift in the world of work has been felt across the globe...Read more
  • The future of workforce development PROMOTED | Northumbria University and partners share insight...Read more
  • Strathclyde Business School expands its Degree Apprenticeship offer in England PROMOTED | The University of Strathclyde is expanding its programmes...Read more
  • The Search for Talent: Six Major Employer Pitfalls PROMOTED | The Great Resignation continues unabated...Read more
  • Navigating the widening “Skills Confidence Gap” in 2022, and beyond PROMOTED | Cornerstone OnDemand conducted a global study...Read more
  • Apprenticeships are the solution to your recruitment problems PROMOTED | Apprenticeships have the pulling power...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2022

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2022 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+