UK - Aon Consulting has issued two new briefings on new contracting out terms from 2002-2007, and a practical guide to stakeholder pension schemes.
The briefing on the new contracting out terms explains changes made to SERPS with effect from April 6, and the introduction of the new State Second Pension (S2P) from that date.
The introduction of S2P coupled with the five-yearly review of contracting out rebates means significant changes to contracting out terms that employees and trustees need to consider, says the briefing.
The second briefing - a practical guide to stakeholder pension schemes - has been developed to assist those employers who may still not have considered the full implications on existing arrangements, or who have not yet met statutory requirements. Check lists consider the issues raised for employers by their introduction, and the guide describes employers’ obligations, the key features of stakeholder and how to set up a scheme.
Aon’s head of research Simon Martin said: “The economic climate, with sliding equity markets and problems at Equitable Life has been a poor back cloth to encourage a wider take-up pensions.
“In the longer-term, however, we do see stakeholders as offering an attractive low cost option for employees not covered by employer arrangements.”
By Madhu Kalia
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