Three key pension choices: Legal & General Pensions
www.moneynews.co.uk > Pensions > Three key pension choices: Legal & General Pensions
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Three key pension choices: Legal & General Pensions
Mon 5th Jun 2006
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Legal & General Pensions has highlighted the three options available to employers who are having to react to the pensions white paper recently released by the government, which included the plans for an NPSS.
The three options outlined are; firstly employers could add auto-enrolment onto a sound existing pensions scheme, secondly they could introduce auto-enrolment but reduce the scheme contribution rates down to the NPSS level or thirdly they could adopt what Legal & General Pensions refer to as an off set model.
Off setting would mean maintaining an existing pensions scheme without adding to auto-enrolment, adjusting the scheme rules so that contributions can be lowered if an employee is also required to pay a contribution to an NPSS.
Adrian Boulding, Legal & General Pensions strategy director, said: "The government may not inform employees of this, so perhaps it will make good sense for employers to hire a professional independent adviser to come in and counsel the staff about NPSS."
Legal & General Pensions highlighted the three key options available to employers having to adapt to their pension plans due to the Lord Adair Turners' pension commission report to the government.
Related News : Pensions |
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Related News : Legal and General |
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