UK - OPRA is planning a major crackdown on employers who fail to offer staff access to a stakeholder pension scheme.
OPRA will be sending surveys to employers over the next 12 months to gauge levels of compliance and will act on any firm that does not offer some form of pension scheme to its staff.
OPRA spokesman Nick Edmans said: “Any employers revealed to be non-compliant will be expected to sort the situation out or face a punishment. But in our experience no-one does resist. They normally sort it out as soon as we contact them.”
Confederation of British Industry senior policy adviser Jay Sheth stressed the “overwhelming majority” of employers had complied with stakeholder.
Sheth said the critical issue was in raising awareness among employers who had not yet complied, so that they know their responsibilities.
But he added: “Many stakeholders are empty shells – neither employers or employees are contributing to them. They need further incentives.”
*The Grant Thornton financial markets group claimed OPRA’s campaign was a waste of time and money.
Partner Patrick Storey said: “OPRA should spend its time and money chasing employers and individuals that threaten the protection of members’ pension benefits.
“The operation and security of pensions in force are of far more importance to the average individual.”
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Andy Palmer says trustees and employers should prepare for a no deal, which could pose big risks to sponsor covenants