Over 20 million workers in the UK stand to gain from proposed reforms to the pensions system aimed at enhancing retirement savings and facilitating easier investment. The new bill, introduced by the government, not only looks to improve returns on pensions but also address gaps in supporting disabled workers within the workplace.
Key Points
- The UK government has announced a reforms bill aimed at improving pensions for over 20 million workers.
- The bill seeks to enhance the performance and accessibility of pension schemes, especially defined contribution schemes.
- ‘Megafunds’ will be introduced, pooling assets from multiple employers to reduce fees and mean higher investment returns.
- Employers will need to ensure their pension offerings are competitive and provide good value for their employee’s savings.
- Concerns remain regarding disability inclusion, with experts urging better support for disabled employees to address misconceptions about costs associated with adjustments.
Why should I read this?
If you’re keen on understanding how these pension reforms might affect your retirement or your company’s pension strategy, then this article is a must-read! Moreover, with disability inclusion still on the agenda, it’s crucial for businesses to be aware of the challenges and opportunities presented by these reforms. Reading this could save you from a world of confusion down the line!
