Communications
There is clearly a requirement to communicate the legislative changes to members. And it is likely that members will have questions they want answered: "Why does the scheme need to change?" "How much money can I take as tax-free cash?" "Am I saving enough for retirement?" These factsheets will help you to formulate your answers to these questions.
But the requirements go beyond simple disclosure of information. A key focus for the Pensions Act 2004 is the need for more communication and better financial education, not to mention employee consultation and combined pension forecasts.
These factsheets will help you to maximise the communication opportunities presented by the new legislation, and enable you to engage your employees in planning their future finances.
The different sections included are:
Action checklist - key points for employees
Communicating the new framework involves more than just letting employees know about legislation changes and how schemes may be altered to comply. At its heart, the framework aims to encourage employers to inspire greater employee interest in saving for retirement.
Read the full factsheet
Version: 1
Date: June 2005
Changing the way you communicate pensions information
Communicating the new framework involves more than just letting employees know about legislation changes and how schemes may be altered to comply. At its heart, the framework aims to encourage employers to inspire greater employee interest in saving for retirement. Viewed in this light, A day offers well-run schemes the opportunity to examine their pension communication strategy in the wider context of reward and wealth creation.
Read the full factsheet
Version: 1
Date: June 2005
Disclosure of information
This fact sheet outlines the proposed disclosure of information requirements under draft regulations published by the DWP and HM Revenue & Customs.
Read the full factsheet
Version: 2
Date: May 2006
Financial advice
If employers do not provide sufficient information to enable pension scheme members to make informed decisions about planning for their retirement, the Government may compel them to do so. Employers who do not sponsor a pension arrangement may also be required to pay for employees to receive financial advice.
Read the full factsheet
Version: 1
Date: January 2005
This note gives a broad outline of the provisions. Action should not be taken on the basis of the
information provided without seeking specific advice. Please note that some provisions may be amended in the Finance Act 2005.
Authorised and regulated by the Financial Services Authority.
If you have any comments please get in touch with your usual Watson Wyatt contact, or e-mail web.enquiries@watsonwyatt.com.
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