Back To Basics On Pension Consultation

Next in our back to basics series we share our insight on pension consultation - the requirement for employers to consult where certain changes are proposed in respect of employees' pension arrangements.

Key action points for employers

1. You need to consult if you are making a listed change

The legal duty to consult in respect of pensions arises if the employer is proposing to make a 'listed change'. This includes things like closing an occupational pension scheme to new members, increasing the normal pension age and stopping the accrual of benefits for existing members of a pension scheme.

2. Both occupational and personal pension schemes are included

The requirement to consult applies in respect of both occupational pension schemes and personal pension schemes that the employer contributes toward. There are separate listed changes which affect occupational pension schemes, changes affecting defined benefit schemes, changes affecting defined