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Bill may not achieve key objective of reform – ACA

The Association of Consulting Actuaries is concerned that the key proposals in the Pensions Bill will not meet the objective of greater employer pension provision.

It says it is worried about the cost of pitching initial Pension Protection Fund benefits too high, particularly if the risk based levy is delayed in its introduction.

Chairman Gordon Pollock says: “While considerable progress has been made to simplify pension tax regimes for the majority of people, I really wonder whether this Bill as a whole has in any way really achieved its objective. Whilst there are simplification measures within the Bill that we welcome, it is now difficult to see any major savings set against a whole raft of new extra costs.”

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Mortgages plc buys Genesis

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Guide

Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.

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