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Boulders

Somebody please tell me why the Government finds it necessary to make it compulsory for every employer in the country, no matter how small their payroll, to register for  the  Workplace Pension scheme, and make pension provision for everyone, including people who want no part of it.

Could it be because the financial services industry, which benefits directly from the provision and management of pension products, has such a strong hold over our political decision-makers?

I know of a company that employs one person; he has an existing pension plan and doesn’t want another. No matter, time that would otherwise be spent generating profit for the business must be spent on the elaborate process of establishing and registering something that will never be used. To me, that is demonstrably stupid.

When we leave the EU, (the sooner the better as far as I’m concerned)  we will have all the more need to encourage SME’s, not to encase them in ever more burdensome legal scaffolding. We need to provide incentives to employment, rather than the opposite.

 

Categories: General
  1. Cynthia Guthrie
    September 18, 2016 at 5:27 pm

    Spot on Quintin. I seem to recall seeing a worked example from one of the big insurers that an employee aged 30 on a salary of £20k a year would be £1.9k better off. The Govt are putting punitive levies on employers for non compliance. We have a scheme and are now having to go through a rain dance that will cost a few thousand and take up a lot of my valuable time.

    • September 18, 2016 at 9:06 pm

      You can bet that the real benefit will go to the insurers. Corruption is alive and well and centrally regulated.

  2. Diana
    September 27, 2016 at 10:08 am

    Quite right, Quintin. Insurers are among the most scurrilous around. Very willing to take your money, but very reluctant to give it back. Look what has happened with Pension Pots. So many people have been told that they will have £x on retirement, but they finish up with 10% if they are lucky. For it to be compulsory is very, very wrong.

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