Smart Pension was set up to target exactly this market and they've come up with some ideas on how the Government might tweak things to make this transition smoother.
So here are some reforms new auto enrolment platform Smart Pension would like to see.
Andrew Evans, co-founder and CEO, has this to say:
Auto enrolment reforms
-
Making the process and language simpler. We have over a million companies having to educate themselves about Qualifying Earnings, Staging Dates, misaligned tax month dates, misaligned upper limits vs National Insurance limits, lack of transparency on fees and costs in a very short time frame. The guides for Automatic Enrolment issued by the Regulator run into hundreds of pages. These change on an infrequent basis, without prior warning and without much publicity. It's utterly crazy.
-
With all the emphasis on the employer, and significant penalties for non-compliance, there should be a simpler framework. Scrap Qualifying Earnings (£5,824 of income), allow low paid and self employed access through government tax breaks, make the process of staging / postponement much much clearer.
Pension reforms
-
Make pensions something people can access much more easily
-
Ban the large fees being charged for simple custodial services applied by the big financial companies
|
