The screen then allows members to enter their salary and see how much they stand to lose in employer contributions and tax relief. Then they are met by two more screens confirming they are opting-out before the process is complete. NEST will then inform the worker's employer and write a letter to the individual confirming the opt-out is complete. On the employer side, employers "engage with the process but do not run it" - which NEST argues relieves the administrative burden around opt-outs. The process has been structured in this manner based on consultations with behavioural economists. The economists told NEST the best way prevent bad decisions by members is to highlight that they can opt-out later and stop paying in at any point, as well as the amount they stand to lose in employer contributions and tax relief. Blakstad added: "What we are looking to do is not to minimise opt-outs, but to minimise inappropriate opt-outs." 15 June 2011 Speculation has been growing over the second reading of the Pensions Bill which contains the plans to raise the state pension age to 66 by 2020. There has been a significant time of nine weeks since the first House of Commons reading at the end of April. The Department for Work and Pensions (DWP) have denied any delays in the second reading and have said the time scale has been due to a busy parliamentary timetable. A huge number of the women, who will be affected by the state pension age being brought forward 6 years, have been petitioning against the proposals. According to recent news reports, ministers are facing a mounting revolt by Liberal Democrat and Tory MPs over the controversial plans to fast-track the rise in women's state pension age. They have criticised the "deeply unfair" proposals which will force around 300,000 women to wait 18 months or longer to receive their pension. 19 October 2011 The Pensions Bill has passed its third reading in the House of Commons by a majority vote of 35; 287 votes to 242. The amendments to the State Pension Age for women and earnings triggers for automatic enrolment were just two of the subjects heavily debated. This reading of the bill included the government's compromise amendment which delays raising the state pension age by six months, meaning that some women in their fifties will wait a further 18 months for their state pensions as opposed to the 2 years under the original proposals. Also included in this reading was the detail that within two years of the passing of the Bill the Secretary of State shall establish a review into allowing transfers into the National Pensions Bill THE PENSIONS BILL FINALLY HAS DATE FOR SECOND READING PENSIONS BILL PASSES THIRD READING
CIPP Policy News Journal
09/10/2012, Page 170 of 234
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