CIPD respond to Pensions Bill

May 2004
Management Services;May2004, Vol. 48 Issue 5, p4
Academic Journal
Protection of company pensions should not only be risk based, but also shared between employers and employees, according to people management experts the Chartered Institute of Personnel and Development (CIPD). Charles Cotton, pensions and employment conditions adviser at the CIPD, stated the CIPD is concerned that the flat rate levy provides a disincentive to move immediately to a risk based levy, despite British government assurances. He added that there is a strong argument for sharing the burden of pension protection between employers and employees. Where the majority of employees vote to protect their pension schemes, payment of the levy should be divided equitably between employers and employees. The skills gap and the consequent competition amongst employers for the best employees should encourage companies to look at the impact that an attractive, well-funded pension scheme can have on their ability to recruit and retain the people that will make their business succeed. According to research, employers are failing to communicate their pensions arrangements effectively after recruitment, which means that the full value of their rewards package is not appreciated, and employees often do not understand the full importance of issues such as saving enough for their retirement.


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