FOR IMMEDIATE RELEASE 27 September 2018
Commenting on reports in the Daily Telegraph that the Government is being pressured to allow workers to select their own destination for pension contributions, Adrian Boulding, Director of Policy at NOW: Pensions said: “Employers already have an onerous role in automatic enrolment and forcing them to deal with multiple pension schemes would increase their burden.
“The employer doesn’t just send money as they do with salaries, they have to supply a lot of additional data so that the pension provider can verify that the correct statutory contributions are being paid.
“This proposal would require the employer to engage in regular verification checks with a multitude of different institutions making an already difficult job virtually impossible.
“I see this as nothing more than a cynical attempt by high charging SIPP providers to cherry pick the juiciest members out of a workplace scheme, to the detriment of all the others.
“Government should resist this Siren call and keep employers at the heart of pension provision where they belong.”
– ENDS –
For further information:
Amy Mankelow / Cheriton Alexander
Tel: 020 3890 6197 / 020 3890 6199
020 3841 9333
Notes to editors
NOW: Pensions www.nowpensions.com @nowpensions
NOW: Pensions is one of the UK’s largest workplace pension providers with over a million members and tens of thousands of employers from a wide range of sectors. A company wholly owned by Danish pension scheme ATP; one of Europe’s largest pension funds. NOW: Pensions entered the UK market in 2011 with a simple and cost-effective workplace pension designed specifically with the auto enrolment market in mind.