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07/11/2008
DWP announces changes to help employers who offer pensions |
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The Department for Work and Pensions (DWP) has announced that it will be easing the "administrative and financial burdens" placed on employers who run pension schemes.
Pensions Minister Rosie Winterton said that under the changes, employers will be able to 'self certify' that their pension scheme meets the quality standard based on the expected value of pension contributions made over the course of each year.
According to the Pensions Bill, the quality standard states that members receive contributions amounting to eight per cent of qualifying earnings.
Some three per cent of that amount is made up from the employer.
Ms Winterton said that the government understood the pressures that employers are under and that it was 'committed' to helping wherever it could.
She explained: "The amendments will mean that employers who are confident their workers will receive the new minimum level over the year can certify to this extent as opposed to doing so for each individual over each pay period."
The DWP also confirmed that rates for the General Levy and the PPF Administration Levy for 2009-2010 would be frozen at 2008 levels.
Maggie Craig, director of life and savings at the Association of British Insurers, has expressed concerns about the future of workplace pension schemes despite amendments to the Pensions Bill. |
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