Auto-enrolment

If Firms do not comply, what is the WORST THAT CAN HAPPEN? I.e, what is THE PENALTY and HOW WILL IT BE ENFORCED? If your report is true, I as a Firm's financial adviser will be counseeling my client Firms to ignore the legislation because, as with so many of Gordon's laws, the cost of compliance usually exceeds the cost of suffering the consequences of non-compliance.

Posted by: Peter Morris

KISS Pesonal Accounts Goodbye

Keep it simple stupid (KISS) all that was ever needed with group schemes was to make joining the employer's pension scheme, whetehr that be a PPP, stakeholder or Occupational scheme entry by default, i.e. you had to opt rather than opt in, but allow staff a window of say 2years to change their mind and have theri contributions back. Simple and straightforward and wouldn't have required all this expensive consultants and quangos to re-invent the wheel!

Posted by: Phil Castle

Mr

What's the worst that could happen? How about a fine of up to £50,000 and possible imprisonment for employers who wilfully fails to comply... This is already on the statute books in the form of section 35 of the Pensions Act 2008. And Draft Regualations are already out there to designate enforcement powers...

Posted by: Jamie Clark

Correction

Sorry, that should be section 45 of the Pensions Act 2008, obviously - duh!

Posted by: Jamie Clark

You heard it from me first.

For heavens sake anyone who has read anything I have said on the topic since it was first introduced will know this is EXACTLY what I have been saying all along. No - I'm no genius - just old enough to remember SET and know that Personal Accounts are nothing more than an employment tax. But look on the bright side. Employers will not be able to recommend that employees opt out – so they will have to pay us to do so.

Posted by: Harry Katz