Auditor warning over pensions cap

www.moneynews.co.uk > Pensions > Auditor warning over pensions cap

Auditor warning over pensions cap

LONDON, UK - Many experts believe the proposed lifetime limit of £1.4 million on pensions savings could have a greater impact on UK business than originally thought, according to a new survey of FTSE 350 companies.

The research, for professional services firm KPMG LLP, found that many firms believe that more than the 5,000 senior managers, as suggested by the government, would fall within the lifetime savings cap.

The poll shows that 81 per cent of FTSE 100 companies think the proposed limit will affect senior managers, while 38 per cent believe it will impact on middle management.

Across the FTSE 350, 93 per cent think executive directors will be affected by the reforms, while 88 per cent think senior management and 23 per cent believe middle management will be.

“These results back up our own concern that the middle management layer of business will be affected by the new rules, and therefore we could be looking at a figure significantly higher than that suggested by the Treasury,” David Fairs, pensions partner at KPMG, commented.

“The survey results back up the feedback from clients that this is a major business issue for them.”

Related News : Pensions
	Over-55s don't believe in paying for care, reveals Aviva
	East Midlands comes top in pension contributions
	Corporate pensions provider issues advice for businesses
	One third of workers have no pension, claims Prudential
	More than a third of Brits fail to reassess pension risk, claim experts
	Women protest at No 10 over proposed pension reforms
	Retirement age 'to be brought forward by ten years'
	Interest rates held at 0.5 per cent by Bank of England
	Pension contributions fall in recession, ONS reveals
	Equity release for retirement 'might not suite every household'