Meeting the Pensions Minister

I wish Henry well with the meeting with the the Pensions Minister.
In our experience which runs from 2012, far too many employers have a Work place Pension based on what works for their adviser, not what works for them as the customer. In particular accountants and payroll bureau’s tend to put their clients into providers that work for the systems the adviser has in place as a ‘one size fits all’ solution to auto enrolment. Having worked with a multitude of SME’s in particular, the one thing I can say is that they are all different, in terms of workforce, salaries and levels of engagement. At CBC we emphasise that employers are responsible for the choice of provider.

The Vision of the Pension Playpen

Tomorrow (18th April) I get to meet the Pensions Minister, which I’m excited about.

I’d written to Richard Harrington a few weeks ago, after an amendment to the Pension Schemes Bill had been thrown out. I’d helped the Labour Party prepare the amendment which wanted it explicit in legislation that an “employer had a duty of care to its staff to choose a suitable workplace pension”.

Employers have a number of such duties, mainly in the area of health and safety. ACAS produce a simple explanation of them which you can read here

But extending the duty of care to a staff’s financial well-being is another matter. The Government, in arguing against the amendment, explained that the Pensions Regulator gave employers some help in choosing a pension and providing that a choice was made following the Regulator’s guidelines, there was really no need for further employee protection.

A duty…

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