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| Pension reform support 'dwindling' |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Friday, 23 April 2010 00:00 |
 New research has revealed that employer support for the government's 2012 pension reform plans is declining. According to AXA's latest Workplace Pensions report, published earlier this week, support for the proposed changes have halved form 52 per cent to 26 per cent since 2006, with nearly one-fifth (19 per cent) indicating they will make staff cuts as a result of the reforms. Support is lowest amongst small firms, but fewer companies in general would use the National Employment Savings Trust (Nest) scheme as a reason to cut pension contributions. However, under half (47 per cent) of employers say that they feel adequately informed and prepared to implement the changes brought about by Nest. The report is used as a comparison between 2006 - when the pension reform legislative white paper was introduced - and today. It found that support for the new system grew in relation to the numbers of employees, as 19 per cent of firms with 50 employees or less support them whereas this figure rises to 26 per cent of companies with between 50 and 249 staff. Steve Folkard, head of pensions and savings policy at AXA Life, said: "We expected that support would have grown for the pension reform proposals, but our new findings do not make good reading for policy makers." Posted by James Strang 
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