View more on these topics

Enrol changes to ease admin

A series of amendments to automatic-enrolment regulations aim to ease the admin burden on employers.

The proposed changes include an easing of the demands on employers to notify employees if they plan to have a waiting period of up to three months.

Under current Department for Work and Pensions rules, employers can wait up to three months after their staging date before enrolling staff into a pension scheme. During this period, workers can choose to opt in to the scheme if they want to start saving straight away.

The DWP plans to extend the time period in which firms must notify workers about a waiting period and their right to opt in from one week after the employer’s staging date to one month.

It also intends to clarify the definition of basic pay for auto-enrolment after concerns raised about the complexity of the self-certification process for employers.

Pensions minister Steve Webb says: “I welcome the positive response to our consultation. These regulations provide key legal requirements and guidance to help employers start enrolling their staff later this year.

“Automatic enrolment can now begin and start a much-needed seismic shift in pension saving in this country.”

National Association of Pension Funds senior policy adviser Richard Wilson says: “The Government’s decision to extend the deadline for issuing waiting period notices from one week to one month will help businesses by reducing some of the administrative burden that the reforms create.”



Sants warns of ‘tick box regulation’ from Europe

FSA chief executive Hector Sants has warned the European approach to supervision risks a return to “tick box regulation”. Speaking at a British Bankers’ Association briefing in London today, Sants (pictured) said the new regulatory approach of the Prudential Regulation Authority and the Financial Conduct Authority is expected to “abolish tick box regulation”. He explained […]

Abbey increases rates and slashes maximum loan for offset

Abbey for Intermediaries is increasing rates on a number of its fixed and tracker mortgage products from tomorrow by between 0.10 per cent and 0.50 per cent. It has also almost halved the maximum loan amount on its flexible offset product from £1m down to £550,000. In addition, the lender is withdrawing selected no-fee two-year, […]

The shape of things to come

The current focus on the mortgage market review is understandable but as we consider the implications, it is clear this is just one aspect affecting intermediaries, lenders and consumers. FSA CP11/31 is by definition still just a consultation. Time will tell whether the regulator carries through its proposals but we hope it does as, overall, […]

How the Chancellor’s new control powers will work

The Government has proposed the Chancellor should have a power of direction over the Bank of England in times of crisis. The power was added to the Financial Services Bill as a response to criticism that earlier plans were not clear enough about who would be accountable for decisions involving the use of public money. […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm