"This is a challenge for the next government - not the one after that or the one after that. I recognise that it's difficult to have these types of discussions, but we can't dodge them."
However the Confederation of British Industry (CBI) says that the NAPF call to increase contributions is “deeply misguided”. CBI director for employment and skills Neil Carberry said the suggestion would upset the "delicate balance" of the market as automatic enrolment is extended to small employers. He said that the current system is a delicate balance designed to deliver the consensus that has made automatic enrolment a success so far and we should remember that automatic enrolment is one part of a much wider set of responses to the challenge of an ageing society. Carberry said, "The Pensions Commission chose 8% for a reason. Any suggestion of a change, just a year into the roll-out and before the vast majority of firms are involved at all, is deeply misguided. State mandated minimum contributions must be affordable for all companies and workers." He also agreed that "more could be done" by employers to encourage workplace saving, but said decisions should be made in light of the circumstances of individual companies. And added that this is also a discussion that needs to be seen within the wider economic context of a slow recovery and falling disposable incomes, not just the narrow lens of pensions policy. Carberry also dismissed outgoing NAPF chairman Mark Hyde Harrison's call for a single pensions regulator, as The Pensions Regulator (TPR) "regulates companies, not financial institutions". Pensions minister Steve Webb also rejected Hyde Harrison's suggestion of a merger between TPR and the Financial Conduct Authority (FCA), saying a "huge amount of effort" is going into ensuring the two organisations comprehensively monitor the market.
Free automatic enrolment webinar hosted by The Pensions Regulator
28 October 2013
This free webinar is taking place on 21 November and includes an opportunity to put your questions to the experts on automatic enrolment.
When assessing your workforce, take care to establish who is a worker for the purposes of the new automatic enrolment duties. You must consider each individual who works for you, even those who work on a casual basis, or have a ‘main job’ elsewhere. Join Rebecca Woodley and Neil Esslemont, from our industry liaison team in this free hour- long webinar on the 21 November 2013 at 11.30am, as they discuss identifying what staff to assess, calculating pension contributions and using ‘qualifying earnings’ as the definition of pensionable pay.
The webinar includes an opportunity to put questions to Rebecca and Neil.
Visit The Pensions Regulator website to register for this webinar.
TPR publish new automatic enrolment software guide
5 November 2013
To reflect the recent technical changes to automatic enrolment, new guidance has become available specifically for software developers.
CIPP Policy News Journal
16/04/2014, Page 396 of 519
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