View more on these topics

Deadline on dealing with firms that fail to enrol staff

MPs want The Pensions Regulator to set out by 2013 how it will deal with small and medium-sized firms which fail to enrol workers into pension schemes.

In a new report into auto-enrolment, published last week, the work and pensions select committee says ensuring all firms offer staff the opportunity to enrol in a pension is “critical” to auto-enrolment success.

But it says relying on whistleblowers to report non-compliance has “inherent problems”, especially in very small firms where they will be easily identifiable. The report says: “We recommend by the end of 2013, TPR provides a written update on its plans for non-compliance.”

The report also says the Government should consider requiring providers to register with TPR or strengthening the criteria that firms wanting to provide auto-enrolment pensions have to meet if it is clear that some providers are not complying.

Recommended

1

Structured product providers warned against ‘pushing products’ on advisers

The FSA has told structured product providers their adviser training sessions should not be about “pushing products” but instead should educate advisers about how products work and highlight the risks posed. The regulator has published its final guidance on structured products, following a guidance consultation in November. Between November 2010 and May 2011 the FSA […]

iain-anderson.
32

Five years leading the FSA through crisis is enough for anyone

There really has been a lot of rubbish written about Hector Sants’ decision to step down as FSA chief executive. And some of the worst rubbish has been reported in the supposedly best informed places with pure ‘tittle tattle’ that he has been forced out by Westminster or Whitehall. I just do not buy this […]

Advisers face £60m levy as claims on MF Global reach £27m

Investment intermediaries face a £60m Financial Services Compensation Scheme interim levy, with MF Global claims alone expected to account for almost £27m. The total compensation costs of the annual levy and the interim levy for 2011/12 are £82m. Fund firms will not have to pay an interim levy as the cost of claims will not […]

Budget 12: Osborne steers clear of pension tax reforms

Chancellor George Osborne has steered clear of reforms to pension tax relief. Giving his Budget speech today, Osborne (pictured) announced plans introduce a limit on all uncapped income tax reliefs. However, this will not be extended to pension contributions. Osborne said: “I don’t intend to make any significant changes to pensions relief in this Budget.” […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment