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Opportunities knock…

4 February 2011

Employers who have offered good pensions for the employees have had a hard time of it over the past 15 years or so, particularly for those offering final salary schemes facing large deficits.

But the Pensions Bill may offer new opportunities for employers to offer good quality pensions to their employees at a more affordable price, whether it be through utilising the new auto enrolment obligations or simply by changing their final salary schemes to allow pension increases to be in line with the Consumer Prices Index instead of the Retail Prices Index.

Removal of the default retirement age could also save employers money in the long term with members paying contributions into pension schemes for longer.

And the Pensions Bill will extend the return of surplus deadline for resolutions to be made by schemes to 6 April 2016.

The Pensions Bill may have been intended as a measure to save the Government money, but it it also provides opportunities for employers to save a few quid too.

On 12 January 2011, the Pensions Bill 2011 was introduced in the House of Lords.

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