Department of Social Protection now looking at flat-fee structure to run scheme that disadvantages poorest paid
is going to be a hard sell. For some reason, the outgoing Government seems determined to make it even harder.
Telling companies that already operate a workplace pension scheme that they will now have to accommodate two parallel but unequal arrangements only adds to their sense that the Government is not really listening to their concerns about rising costs. If you’re on the average industrial wage, the initial impact will be almost 1.9 per cent of your take-home pay, not 1.5 per cent. And this will rise to 7.6 per cent in year 10, not 6 per cent. That matters, not least when the tax relief available under the new scheme will not be as advantageous to members as it is to people in more traditional company schemes.And now the Government is moving to further disadvantage the least well-off of those who will come under the new scheme.
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