UK - Pension initiatives could be disrupted by Chancellor Gordon Brown decision to axe 40,000 jobs in the department for work and pensions, a leading consultant warns.
The DWP bears the brunt of Brown’s plans to axe more than 100,000 civil service jobs.
But Mellon Human Resources and Investment Solutions’ head of technical services Kevin LeGrand says that while the cuts are unlikely to affect the Pensions Bill, they could have an impact on work needed following its implementation.
He said: “At the moment it is difficult to assess the impact it will have, but what I would not like to see is an adverse effect on the large number of important initiatives the DWP will have to be involved in because of the Pensions Bill.
We have a new regulator coming in and the DWP are working hard to raise awareness of pensions and it would be a great pity if we started to see those good inroads that are being made suddenly go off track.
“We can’t afford to lose these or have them watered down in any way.”
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.