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FSA rethinks pension guide

The FSA has updated its guidance to employers operating stakeholder or group per- sonal pensions in light of rec-ent legislative changes.

The guide explains to emp-loyers what they can do to help their staff understand the pension scheme they are offering. Employers which meet certain conditions set out in the guide are now able to promote their pension scheme to employees without authorisation from the FSA or otherwise breaching the Fin- ancial Services and Market Act 2000.

This follows an amendment to the Financial Promotion Order by Parliament.

Conditions for exemption include that employers must contribute to the scheme and receive no direct financial benefit from promoting it.

FSA director of retail policy Dan Waters says: “Employees could benefit from learning more about the pensions sch-emes offered by their employers. The guide explains in straightforward terms what employers can and cannot do when promoting their pension scheme to staff.”

An ABI spokesman says: “This useful guidance makes the obligations of employers clearer when promoting pension schemes to employees, which in turn should lead to better overall understanding and take-up of workplace schemes.”

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