What is Baroness Altmann's agenda for retirement saving? And who's Workie?
Published on 4th Jan 2016
The Pensions Minister, Baroness Altmann, has confirmed the government’s pensions priorities in a written parliamentary statement. These are currently the new single-tier state pension, automatic enrolment and the new pension flexibilities.
In light of this, a decision has been taken that the time is not right to implement defined ambition, collective benefits and automatic transfers (also known as pot-follows-member). These reforms have been legislated for in the Pensions Act 2014 and the Pension Schemes Act 2015, but the relevant parts of those acts have not been brought into force.
The DWP has launched a campaign aimed at smaller employers and their employees which are or will soon be affected by the automatic enrolment requirements, which is being fronted by ‘Workie’, a ‘striking physical embodiment of the workplace pension’ (see here).
