Concerns over gaps in Pension regulation & disruption to auto-enrolment.
The work and pensions select committee report auto-enrolment has been a “tremendous success”. However, they warn that taxpayer’s pension savings may be compromised due “72 unstable master trusts”.
The success of auto enrolment now forecasts that approximately nine million people are newly saving or saving more into a pension. Making it more essential that people’s savings to be held in a location that is beneficial to those saving and secure.
It is hoped that this will form a part Pension Bill in the Queen’s Speech this week. This is what many have been calling for.
Criticisms have also been made regarding HMRC retracting from plans to develop basic PAYE tools (BPT) to support auto enrolment.
Recommendations have been made that HMRC work with the DWP to expand basic PAYE tools to support SME’s in meeting their auto enrolment obligations.
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