UK - Pension rights for fixed-term workers which come into force this year will turn out to be a "damp squib", says Norton Rose.
Partner Lesley Browning said that the “package approach” in the new regulations, which allows for cash incentives to be given instead of pensions already mirrored current practice.
She said: “As the law stands, for pensions rights to kick in, fixed-term workers need to work for two years – otherwise you just get a refund of contributions.
So most employers will offer cash incentives instead, which is exactly what they are doing.”
In this week's Pensions Buzz, we want to know whether or not you believe that business facing financial distress should be able to suspend their auto-enrolment contributions to avoid rising costs.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.