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Pensions guidance is not enough
16th December 2014
Jonathan Watts-Lay, Director, WEALTH at work, comments in a special report on work place pensions for The Times in regards to the pension changes: “It is still the biggest benefit other than salary.”
“It is proposed that the only requirement of the new pension rules will be to signpost the guidance service in the wake-up pack four to six months prior to the selected retirement date, just as they do for the open-market option.”
Jonathan Watts-Lay adds: “Our meetings and discussions with employers have indicated an almost zero appetite or intention to do this.”
Jonathan Watts-Lay continues, “Integrating a Save As You Earn (SAYE) scheme with the workplace ISA will allow employees to transfer SAYE shares into the ISA and mitigate their capital gains tax liability. This is particularly relevant at present as many maturing SAYE schemes have significant profit.”
Jonathan Watts-Lay warns: “Failure to do this can have devastating results – HBOS employees lost not only their wealth, but also their jobs when the company collapsed.”
For more information please see the special report for The Times.
To download your copy of the report please click here.
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