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NPSS will cause levelling down in existing schemes, say advisers

Eighty six per cent of advisers think the National Pensions Savings Scheme will lead to a reduction in contributions for existing schemes, according to a Scottish Life BeeHive Poll.

The poll asked advisers whether the advent of NPSS would have no effect on existing schemes, lead to employers reducing their contributions to existing schemes, or lead to employers increasing their contributions to existing schemes.
Fourteen per cent of respondents thought it would have no effect, while eighty six per cent thought it would lead to a reduction in contributions for existing schemes and noone thought it would lead to an increased contribution in existing schemes.
Many respondents said employers which are offering more generous terms will use the three per cent figure as an excuse to level down.
Scottish Life Bee head of pensions strategy Steve Bee says: “That leads me to thiunk that if people at the sharp end of pensions feel that’s how their corporate clients will react, then that’s probably what will happen if the Government goes ahead with its current proposals.”

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