Enhanced with additional information, including on the implications of auto-enrolment for high earners and issues around exit payments and credits in defined-benefit schemes.
The new Pension Schemes Act gives the Pensions Regulator increased power to prosecute on behalf of scheme members who have been left shortchanged by the actions of a variety of people involved in a business. Simon Kew gauges how businesses should respond to the changes.
Changing the defined contribution (DC) pension scheme might be something organisations are considering in the context of furlough or simply in the course of your ordinary business. Done well, change exercises can be a great opportunity to educate and engage employees about pension benefits. Helen Rowan identifies eight practical steps that HR teams should consider to make the pension change a success.
The law on informing and consulting on pension scheme changes, including the application of the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, and arranging the election of employee representatives.