We are the voice of insurance and long-term savings | Contact us

Pension scheme selfcertification measures need more work ABI

Commenting on the announcement today from Rosie Winterton MP, Minister of State for Pensions, on proposed new rules to enable employers to self-certify their workplace pension schemes, Maggie Craig, the ABI's Director of Life and Savings, said:

"We support the principle of employer self-certification and appreciate the Government's commitment to it. We share that commitment and want these reforms to ensure that as many employees as possible have access to good quality workplace pensions, that they are straightforward for employers to administer and do not lead to a levelling down of existing pension contributions.

"However, we, along with other industry groups, remain concerned that the wording of the key amendment to the Pensions Bill on self-certification may not achieve these aims. The current drafting of the amendment adds considerably to the administrative burden for employers and risks discouraging them from continuing to provide pensions to their employees that have higher contributions than the level set for personal accounts.

"We sincerely hope that this issue can be resolved, and we will continue to work with the Government on the details of their proposals to ensure that the interests of pension savers and employers are properly protected and these reforms fully achieve their objectives."

Last updated 01/07/2016