Compliance January 19, 2006

UK Invites Public Comment on Pension Reform

January 19, 2006 (PLANSPONSOR.com) - The United Kingdom's Department for Work and Pensions (DWP) is inviting the public to give opinions on proposed pension reforms.
Reported by

Business Insurance reports that the DWP said that public opinion will “help to inform” a government white paper on pension changes.

On November 30, the UK Pensions Commission released its recommendations for pension reform (SeeUK Pensions Commission Releases Recommendations).   The recommendations included a National Pension Savings Scheme in which employers would make a required 3% contribution and employees would be automatically enrolled at a minimum contribution rate of 5% of gross pay over £5,000.

The DWP is planning a “National Pensions Day” in which citizens can attend simultaneous events in major UK cities and debate pension reform, according to Business Insurance.   The public is also invited to submit their opinions online at  www.dwp.gov.uk/debate .

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