With just over four months to go until A-Day, 45% of trustees and employers still have not started adapting their pension scheme administration ready for the changes, claims new research by Mercer.
A survey carried out by the human resource consulting company shows more than 4 in 10 employers and trustees have not started to adapt their administration processes to comply with the Pensions Act and Finance Act requirements that come into force in April. By A-Day trustees and employers have to make a number of changes to their pension schemes, such as ensuring transfer values are available for those members who have between three months and two years’ pensionable service, and they can also offer new features, including flexible retirement and the ability to pace pension contributions. ...
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