An update on the changing landscape and what you, as an employer, could be doing.
By the time you read this, there will have been countless articles in the press about how much ‘better off’ or ‘worse off’ various sections of society will be as a result of the proposed move to a flat rate state pension from the present two-tier system of basic (‘old age’) pension and the state second pension (still known to many people as the state earnings related pension scheme (SERPS) which it replaced). It is not therefore the purpose of this article to consider the financial impact on individuals but instead to identify issues that employers will face during the transitional period.
The technical information is included in the Department for Work and Pensions (DWP) white paper The single-tier pension: a simple foundation for saving, which was issued on 15 January. Naturally, there are some areas that would benefit from clarification and there is always the possibility that things could
