Nearly nine in ten British companies that expect to be affected by the new pension regulations are as yet unprepared for pensions A-Day, a new survey shows.
With just over five months to go until the UK pensions regulations change, Deloitte has found that only 12 per cent of companies have made provisions.
It is believed that many companies are waiting to see how their competitors approach the imminent changes to the UK pension system before they decide what they will do, comments Bill Cohen, partner at Deloitte.
"However, time is running out and companies need to urgently agree their post A-Day policies with executives," he urges.
Nearly three-quarters of UK companies that responded to the survey said that they would consider switching to cash compensation.
The survey showed that costs were lower when companies opt for benefits alternative to pensions than the for defined benefit schemes.
"No one wants to be seen to pay more as a result of A-Day but finding an alternative solution that meets other criteria such as retaining key talent, is not a simple decision," says Deloitte consulting partner, Orlando Wood.
Deloitte: Companies unready for new pension regulations
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Deloitte: Companies unready for new pension regulations
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