House of Lords accepts Pensions Bill - NAPF Comment
03 May 2011
Commenting on the Pensions Bill approved by the House of Lords last Wednesday, Darren Philp, Director of Policy at the National Association of Pension Funds (NAPF), said:
“We are pleased this landmark Bill has gone through with extra flexibility for employers and pension schemes around the 2012 auto-enrolment reforms. Waiting periods and certification will help employers meet their duties under the new legislation.
“The former will allow employers to wait three months before enrolling their staff into pensions, while the latter will enable employers to auto-enrol staff into existing good-quality pensions.
“But the clock is ticking. With the reforms coming into effect soon, employers need certainty around the new rules so that they can start making the necessary changes.
“It is essential that the Government and the Regulator act quickly and give clear guidance to employers on what they need to do.”
Mr Philp added on the rise of State Pension Age to 66:
“Increases in the State Pension Age are unavoidable to tackle the costs of an ageing society.
“But the reward for working longer must be a more generous and simpler State Pension – the UK’s is currently one of the worst in Europe. The
Government needs to press on with its plan for a State Pension that sets a stronger foundation for retirement.”
Notes to editors:
•Darren Philp is available for interview.
•The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media, NAPF, 020 7601 1717 or 07917506683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]