Relief as EC confirms GPPs can stay post-2012

Under current Government plans, auto-enrolment into such schemes would be necessary if employers wished to continue the scheme as an alternative to personal accounts. It was feared the European Distance Marketing Directive and Unfair Commercial Practices Directive may have prevented auto-enrolment, but the EC says they will not. Critics said the forced closure of contract-based schemes would have resulted in many millions being worse off in retirement, which would have been counterproductive to the Government’s aim to increase pension saving. Pension providers welcomed the announcement. ...