The IoD says that the proposals represent “a missed opportunity”, claiming that the long-term proposal to up-rate the minimum income guarantee will dissuade people from saving: “They will let themselves depend on the taxpayer in retirement instead,” the IoD said. It added that the proposal for a three-band national insurance rate will make the system even more complicated than it already is. Employers that don’t have occupational schemes will have an additional burden because of the need to consult with employees, nominate a “stakeholder” scheme and deduct employees’ contributions through the payroll system. “The government has limited itself to changes that can easily be bolted onto the existing national insurance and benefits system,” said Richard Baron, the IoD’s deputy head of the policy unit. “They should have been far more radical.” Actuaries Lane Clark & Peacock noted that group personal pensions do not appear to count as occupational schemes as far as these proposals are concerned, so companies offering such schemes will also have to offer their staff access to stakeholder pensions.
View our archived webinar, including Oracle and a host of ‘Fast Data’ experts, to discover how financial professionals can help create a Fast Data business
Reinmoeller, professor of strategic management at Cranfield School of Management, has proposed an Eight Actions Model to help organisations increase margin and perform ahead of market expectations
When thinking about Iran as a potential market it’s important to go in with open eyes. This means being aware of some of the myths as well as being clear on the challenges
Third of UK companies with defined benefit pensions schemes are paying out more from their scheme in pensions than is being received in contributions