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Many employers are still failing to meet pension deadlines says regulator

Many employers are still failing to pay pension contributions on time according latest figures from occupational pensions watchdog Opra.

The regulator says that almost two thirds of the cases it has dealt with over the summer involved employers failing to hand over contributions deducted from employees pay.

Despite these failures which have led to some employers being fined and even a first imprisonment, Opra says most do not lead to prosecution.

It says where an employer and trustees can show they are doing everything possible to prevent one-off problems from happening again, and it has not been to the detriment of the scheme member Opra concentrates on ensuring they have learnt their lesson.

Opra chairman says: &#34The proposal in the current welfare reform and pensions bill will make the most common regulatory failures that Opra deals with civil offences rather than criminal ones.

&#34We envisage this will involve the Opra board considering more cases in a year than currently reach the courts.&#34


NPI appoints sales director

Pensions specialists NPI has appointed Steve Edwards as sales director following the retirement of John Cook after 26 years with the company.Edwards joined the company in May last year, having previously worked as corporate business director for Prudential Life and Pensions.Cook will continue to work within the sales field until the end o the year […]

FSA boss backs cut-price stakeholder advice

FSA chairman Howard Davies has thrown his weight behind the concept of cut-price advice for stakeholder pensions. Davies was sharing a platform with e-commerce minister Patricia Hewitt, Money Marketing technology correspondent Ian McKenna and Advizas director of operations Peter Catt on the fringes of the Labour party conference in Bournemouth.The debate, entitled ebusiness@labourconference, sponsored by […]

Byers promises crackdown on mortgage rip offs

Trade and industry secretary Stephen Byers continued his campaign against &#34rip off&#34 Britain by promising a crackdown on mortgage misselling according to the Financial Times.Byers told the Labour Party conference, consumers were being misled by mortgage contracts which failed to spell out penalties.He further outlined how he intends to give the Consumers Association the power […]

IFA ditches The Exchange

IFA Direct Life & Pensions has ditched The Exchange because it claims its services do not meet the needs of IFAs.It has now built its own system and has signed up with individual life offices direct for its online comparative service Lifequote which does not offer an advice service.It says The Exchange has lost direction […]


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