Standard Life supports pension plan changes

Tue, 19 Jan 2010

A financial services institution has strongly endorsed the government's new pension reform scheme.

Standard Life claims that proposed changes to the pension system will improve retirement savings for a significant number of people.

The new reforms mean that employers will have to enrol employees into a pension scheme .

Andrew Tulley, the senior pensions policy manager at Standard Life, praised the government's willingness to amend the original plans.

He continued: "However, it is crucial that the reforms are targeted at those low and medium earners who have no existing pension provision."

Yvette Cooper, the secretary of state for work and pensions, recently described the reforms as the most significant change to workplace entitlements since the advent of the National Minimum Wage in 1998.

The regulations are being introduced to help smaller businesses cope with the recession.

Large businesses will start to implement the new system in October 2012, while small and start-up businesses will be given until 2016.
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