The Chartered Institute of Payroll Professionals
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The consultation, which runs for 12 weeks up to 6 September 2023, asks questions in these areas to determine what should be included in the new code and how it should be set out:
a review of the existing code
• • • •
the foreword
legal terminology
procedural guidance
• the statutory right to request a predictable working pattern.
As this is something that will impact all employers, we recommend that you look over the consultation and have your say if you have any opinions. You can respond using their online form or email a response to them. The new flexible working rights are still being considered by parliament and, if passed, are expected to be implemented in 2024.
Susan Clews, Acas Chief Executive, said:
"Rapid advances in technology alongside changes to the way many people now work since the covid-19 pandemic have contributed to a substantial shift in flexible working globally.
"It has allowed more people to better balance their working lives and employers have also benefitted from being an attractive place to work for skilled staff that value flexibility.
"Our new draft Code strengthens good practice on flexible working and addresses important upcoming changes to the law. We are keen to get views to ensure that it is clear and relevant for the modern workplace."
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Open consultation: helping savers understand their pension choices Published: 14 July 2023 Emailed: 19 July 2023 The Department for Work and Pensions (DWP) has opened the new consultation ‘ Helping savers understand their pension choices: supporting individuals at the point of access ’, on 11 July 2023. This is a consultation on a policy framework for supporting individuals on how to use their private pension savings at the point of access. It has been reported that the UK has seen significant growth in the number of people saving into an occupational Defined Contribution (DC) scheme from a total of 2.3 million memberships in 2012 to now over 26.3 million (including hybrid schemes). This expansion alongside the introduction of pension freedoms means that many more people will need to make important decisions about how they want to access their pension savings. This consultation sets out proposals and seek views on a decumulation framework that will provide support at the point of access. In addition to the existing choices available to members under the pension freedoms, this could include an offer of a Collective Defined Contribution (CDC) arrangement in retirement. The objective is to help savers achieve better outcomes through provision of CDC, where members can benefit from greater investment opportunities and consolidation in the market whilst supporting the wider government agenda around productive finance. This consultation closes on 5 September 2023.
Laura Trott MP, Minister for Pensions, said:
‘‘Taken together with the reforms I consulted on to expand CDC schemes to multi -employer schemes, these proposals provide the foundation to build on my longer-term vision to improve fairness, predictability and adequacy for savers.
This is a real opportunity to help shape the next stage in one of the most challenging and significant issues in Private Pensions. That is why I encourage all interested parties to respond and play their part in helping improve outcomes for todays and tomo rrow’s pensioners.’’
The consultation document includes:
• a response to the products and services element of the call for evidence on Helping savers understand their pension choices • a set of policy consultation questions on support and products to be made available to members of occupational pension schemes • an exploration of next steps.
cipp.org.uk
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