The changes announced in this year’s Budget will bring about major changes to the way pension schemes are able to provide their benefits. With interim measures already in place, and more drastic changes effective from April 2015, employers should start to act now.
KPMG's breadth of expertise is already being drawn on to advise clients on several issues. These include the potential implications for scheme design, member communications, liability management plus defined benefit (DB) and defined contribution (DC) investment.
To help employers and trustees to develop their responses to the changes in a structured way, we have also developed a new Budget toolkit.
Communication with employees is now vital, as the landscape in which they must take life-changing decisions has now dramatically altered. A sample communication, summarising the changes is available below.
For further information, to book a Budget workshop or to discuss employee communications, please get in touch.
The 2014 Budget announced a massive shake-up in the way people can draw their retirement income from private pension schemes. To help employers and trustees to develop their responses to the changes in a structured way, KPMG has developed a new Budget toolkit. Our two-page document gives an overview.
Major pensions reforms announced in the 2014 Budget will have to be carefully communicated to employees and pension scheme members. This document provides a brief, sample overview of how the changes could be explained to members.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.