New Rules Make Savers Worse Off
Changes in the law for how pension contributions are paid by employers could make savers worse off in order for employers to balance the books.
The new law would see all employers being forced to offer a pension scheme to their staff however some experts warn that employers may cut their contributions to people who currently save for retirement to help pay for people who don’t save.
Stuart Southall, the ACA chairman, said there is ‘a rising trend among employers of all sizes to review existing pension arrangements’.
He added: ‘Given the economic climate, a goodly number are seeking ways to reduce their pension costs.’
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