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NAPF presses for rethink on auto-enrolment

The National Association of Pension Funds has criticised proposed rules for auto-enrolment as “inflexible, bureaucratic and costly” and is calling for radical changes.

In its response to the Department for Work and Pensions’ consultation, the NAPF says the proposed rules would lead to high costs for employers and widespread levelling down.

It estimates the proposals for handling opt-outs would cost big employers hundreds of thousands of pounds in the first year of auto-enrolment, as firms have to change payroll processes to comply with the rules.

It believes many employers will opt for personal accounts, reducing their contributions to the minimum 3 per cent.

Director of policy Nigel Peaple says: “The DWP’s proposed processes and timescales, set out in the draft regulations, are too rigid. These problems are largely avoidable if the DWP radically alters its approach and allows employers much more flexibility. The Government must act urgently to take account of pension schemes concerns.”

The NAPF has suggested modifications to the proposed rules and deadlines, including an extension of the deadline to complete auto-enrolment from 44 days to three months.

It is also calling for an extension of the periods employers are allowed to provide information to employees, greater flexibility on the handling of opt-out forms and for the ban on employers providing opt-out forms to employees to be axed.


Manager focus: Elena Ogram

Julius Baers decision to open its Luxembourg-domiciled Russia fund to British retail investors came as a surprise. After all, investors have avoided the Russian market for months. Elena Ogram, the fund manager, says the market bears higher risks but also potential higher returns.With increased tensions with the West, stockmarket volatility reached a level that prompted […]

Jubilee products to ‘mirror’ Keydata plans

Jubilee Financial Products (JFP) is launching a range of funds designed to mirror those offered by Keydata a structured product provider that went into administration last week.The firm says it is responding to calls from advisers whose clients had wanted to invest in Keydatas products before the business folded. JFPs range will have the same […]

MBE for Le Beau

Le Beau Visage managing director Peter Le Beau has been awarded an MBE in the Queen’s birthday honours list for service to charity and the insurance industry.

Investors up risk exposure

Investors’ growing confidence is starting to be reflected in allocations towards riskier assets, according to Hargreaves Lansdown.Of the top 10 best selling funds on the Hargreaves Vantage fund supermarket in May, three were emerging market focused funds. Aberdeen Emerging Markets, Allianz RCM BRIC Stars, and Neptune Russia and Greater Russia all saw significant inflows over […]

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In Focus — February 2015

Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.


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