UK - Workplace demand for good, occupational pensions will be the salvation of the industry, incoming NAPF chairman Terry Faulkner believes.
Faulkner – in an exclusive interview with IPN sister title, Professional Pensions – said demand will grow as more workers realise their pensions are a “key part” of their employee benefits package.
And he believes this renaissance of the occupational pensions industry will see different types of scheme being set up – especially multi-employer or industry-wide schemes.
Faulkner believes multi-employer schemes could solve many of the problems facing the industry.
He pointed out that they would be especially helpful to smaller schemes – schemes the NAPF has been accused of ignoring in the past.
He said: “The killer for many pension schemes, particularly small ones, is that the administration and controls needed on a small scheme are the same as on a big scheme.
“People are pulling out because even though the government is trying to cut regulation it can still be pretty horrendous for very small employers.
“Using multi-employer schemes is a way we can get smaller firms back into offering good workplace pensions again.”
He says the NAPF is currently in talks with the Inland Revenue on how multi-employer schemes can be effectively run.
It hopes to “iron out” the concerns about cross-subsidies between two unassociated firms.
*Faulkner will take over as chairman of the NAPF at the end of the trade association’s annual conference which is being held at the Scottish Exhibition & Conference Centre in Glasgow on May 22-23.
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