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&#39Stakeholder not sparking pension revolution&#39

The Industrial Society says there is no real evidence of a pension revolution brought about by stakeholder and there is no rush to switch from defined-benefit schemes to defined-contribution schemes.

Nearly 60 per cent of the 5,600 respondents to the society&#39s latest survey on pension schemes felt that the impact of stakeholder on occupational pension provision was uncertain.

The report said it is wrong to move to greater reliance on private pensions without better safeguards in place for the way pension provision is structured.

It says it is concerned that the change brought by the new pension regime does not offer members equivalent benefits.

Policy specialist Yvonne Bennion says: “Although it is clear that employees have not rushed en masse away from defined-benefit schemes to defined-contribution schemes, there is a very real concern that employer contributions in definedbenefit schemes are often lower than in good definedbenefit schemes.

“Employers need to ensure that their level of contribution schemes is sufficient, especially when it comes to older workers, to ensure there is adequate provision for such employees.”

Riach Independent Financial Advisers principal Bob Riach says: “For small businesses who want to do the bare minimum to comply, it may be best to recommend they do not take action until June as there is still a lot of uncertainty surrounding the market.”


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