What will the new regulations say about occupational pension schemes?
It is difficulty to say. What is clear is that the provisions of Occupational pension schemes are covered by the Regulations (although the draft legislation allows occupational pension schemes in general to work as they do at present). However, personal pensions not provided by the employer (except the employer’s own contribution) are not covered by the draft regulations. It does appear that employers will be able to provide different pension schemes to employees of different ages or with different lengths of service and employers will be entitled to use minimum and maximum ages for admission to pension schemes and for the payment of pensions. What should I do now? It is essential that employers familiarise themselves and their staff, especially management and those involved in the recruitment process, with the terms and provisions of the new Regulations. It is also essential that employers review their employment policies and procedures.
