New report criticises introduction of compulsory workplace pensions

A new report from the Association of Consulting Actuaries (ACA) has criticised the government’s plans to introduce compulsory work place pensions saying it will lead to pension savers being significantly worse off in retirement as the reforms will force employers to cut their contributions to existing workplace schemes. Compulsory contributions Around four in 10 private companies offer a pension to their staff however auto enrolment will mean that from next year employees will have to be enrolled into a workplace pension and make contributions, the employer will also have to make payments on behalf of their employees. Although auto enrolment will start in ...