What could the government's planned reform of workplace pensions mean?
The government wants to make changes to both final salary and stockmarket based pensions. Good or bad news?
The government is thinking of making changes to workplace pensions. They are – apparently – designed to make sure that more final salary pensions aren’t closed. However, they could mean that some people in final salary pensions don’t have such good benefits.
Automatic enrolment (or auto enrolment) explained - what does it involve?
Workplace pension saving will be turned on its head, with most employees automatically signed up to their pension.
It's a year since workers began to be automatically enrolled into their employer’s pension schemes. The idea behind automatic enrolment is that millions of workers will be encouraged to save for their retirement. With most traditional pension schemes, you have to actively decide to sign up, but with automatic enrolment you will be signed up and will have to opt out if you don't want to stay in. What's involved?
Some workplace pensions are charging too much, charges aren't clear and people are losing out
The consumer watchdog, the OFT, says some charges – especially on older pensions – are far too high
There are several reasons why people don’t set aside money in a pension and one of them is that they’re worried about high charges. Today the OFT has published the results of a study into workplace pensions. It says that some people, especially those in older pension contracts, are losing out by paying high charges. It also said that smaller firms may not know how to choose the best pension.