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.”
| Samantha Gould – NOW: Pensions|
|Fenella Cuthbert – Cicero/AMO|
Tel: 0207 947 5327