The Pensions Bill has moved to the House of Commons with one additional amendment: to strengthen the regulatory framework of the alternative certification model.
The government amendment, put forward by Lord Freud during the bill's third reading in the Lords yesterday, will affect employers seeking alternative certification that an existing occupational scheme meets auto-enrolment requirements. It requires them to show at least 90% of jobholders would receive the same level of contributions under the certification test as they would have received if their scheme had satisfied the relevant quality requirement. This is in contrast to the initial requirement which referred to "a majority of the individual relevant jobholders". The amendment al...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes