The national pension savings scheme, the government's new plan for auto-enrolment, offers the best deal for small businesses, claims an expert.
Brought in by the Labour Party as part of recent pension reforms, the scheme aims to automatically enrol UK residents in a managed pension fund, which the Investment Managers Association believes is the best deal for small businesses.
Speaking at the Association of Corporate Treasurers' pensions conference on Investment Managers Association chief executive Richard Saunders said that the involvement of small employers is vital to the success of the national pension savings scheme.
"It offers employers a single point of contact in respect of all their staff; a one-stop shop for all their needs under the scheme," he said.
"It also offers the clear option of a professionally-managed default fund in which employers and employees alike can have confidence."
He added that compared with other options, it minimises the "administrative hassle" which can often be a deterrent for small businesses.
Mr Saunders concluded that auto-enrolment requires high and sustained levels participation if it is to be successful, which means retaining the confidence of both employers and employees, which the national pension savings scheme has a good chance of doing.
National pension savings scheme the best deal, expert claims
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National pension savings scheme the best deal, expert claims
Thu, 29 Jun 2006
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