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New personal pensions system seminar
Want to know more about the requirements, costs and administration surrounding the implementation of Personal
Accounts pensions? Financial strategist Adrian Boulding will be giving his views at a seminar on 12 March
Adrian Boulding, wealth believes annual pensions savings will be test. The Association also warned that,
policy director at Legal & boosted by up to £8 billion. while pension coverage may be increased,
General, is responsible Kudos Financial Services, which has the changes are likely to mean a possible
for analysing and offices in Aberdeen, Glasgow and London, worrying levelling down of benefits,
understanding the will host the seminar in Aberdeen. closure of many schemes, and that opt-
implications of major Alan Fergusson, director at Kudos, said: outs by employees could top 40 per cent.”
legislative change for consumers of pension “It is a safe bet that employers have yet to It has been estimated that around 80 per
and savings products. He is currently realise the full implications and, given cent of the UK’s 1.2 million smaller firms,
engaged in high-level industry-wide what’s involved – 2012 isn’t that far with over nine million employees, have no
consultations on Personal Accounts. away – employers large and small, and workplace pension schemes and will have to
It has been estimated that up to ten even those with good schemes, will need adjust to Personal Accounts and auto-
million workers not in employer-funded to take action.” enrolment by 2012. ■
schemes will be affected by the new system, “The Association of Consulting
scheduled to come into effect in 2012. Actuaries has flagged up that the To book your place at the seminar at the
Unless they opt out, employees will pay four introduction of Personal Accounts is likely Marcliffe at Pitfodels Hotel & Spa from
per cent net of their salaries and employers to lead to a wide review of pensions in 4pm to 6pm on Thursday 12th March, contact
three per cent, with one per cent coming in smaller firms, with the majority saying Allison Bowkett on 01224 652100 or email
tax relief from the government, which existing schemes will fail the exemption
personalaccounts@kudos-ifs.co.uk
due diligence employee benefits wealth management
42 Mergers & Acquisitions
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