An occupational pension scheme is a retirement savings plan provided by an employer for its employees. The most common plan is the group personal pension (GPP), while other ‘contract-based’ ‘defined contribution’ schemes are the stakeholder and group self invested personal pension (Sipp). Pensions run by a trustee board are the money purchase defined contribution scheme and the once-popular defined benefit plan (such as final salary).
Rules relate to reforms giving new pension flexibilities.
Nest research: 34% will think about retirement sooner.
Close Brothers research: Up 7% since September 2014.
Part of the Pension Wise service.
Review covered both DB and DC pension schemes.
HSBC research: 41% stopped or reduced retirement savings.
It could protect pensions when freedoms take effect.
Big changes are taking place in the pension market.
Legislative changes are driving employee need for education.
DC scheme charges have been criticised.
Changes yet to receive final approval.
Reforms come into force in April 2015.
Increasing reliance on benefits consultants is a driving force.
Four bills covering pensions to receive royal assent.
Governance committee is re-examining default funds.
Review aims to make benefits easier to understand.
Should employers do more to boost staff pension pots?
What is the industry saying?
Increasing staff understanding of the value of contributions is crucial.