Employee Benefits Pensions Summit 2011: Employers are concerned about the delivery of 2012 pension reforms

Employers are more concerned about how they are going to deliver measures to comply with the 2012 pension reforms than they are about the cost of compliance.

Speaking in a panel debate at the Employee Benefits Pensions Summit 2011, Neil Carberry, head of employment and pensions at the Confederation of British Industry (CBI), said: “People coming up to 2012 know what the costs are. They are more concerned about delivery. The challenge is [particularly] in the small and medium-sized enterprise (SME) community.”

He added that how employers intend to react to the national employment savings trust (Nest) will be a fundamental decision for them to make because they already know they will have to auto-enrol employees into a qualifying scheme and make compulsory minimum contributions.

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“The decision essentially is what do [employers] do about the vehicle if they do not have anything in place? There was a truism in government a few years ago that Nest is cheap. Nest is not cheap.”

For more articles on the 2012 pension reforms