'Private pension schemes may close'

23-01-2008

New legislation that will introduce personal pension plans in 2012 will put a strain on private firms to provide good retirement policies, an expert has warned.

A spokesperson from Blackrock, which provides global investment management services advised that this could have a knock-on effect for staff retention.

Emma Douglas told Personnel Today: "We need to have lots of engagement with employers so that they understand that good workplace pensions will still have a great impact on recruitment and retention."

The pensions bill, which aims to introduce an annual up-rating of basic pensions and provide a standard minimum guarantee, is currently at the royal assent stage of approval.

Under the terms of the scheme, companies will have to pay three per cent in to a personal account, and Ms Douglas fears that firms currently paying higher rates will scrap private plans.

Such leveling down "would be a shame" she said, but added that she hoped companies would understand the benefits of keeping contribution schemes open.

Her advice follows recent announcements by the Seattle Times that the style and colour of office interiors can also have a positive effect on staff retention.

Related News Articles

09-05-2008Office design unveiled as part of London construction plans

09-05-2008Sustainable office design planned on Isle of Man

08-05-2008Bank of New York Mellon to increase office space in Manchester

08-05-2008HRG opens Wilmslow office

08-05-2008Toy firm to have new office space in Bristol

Morgan Lovell - Office interior design, fit out and refurbishment

Workplace appraisals
Work out how much space you need for your people, storage, IT and growth.

Office interior design
Award-winning office designs that'll wow your clients and work well for you.

Office fit out
Transform an empty space into an exceptional office.

Office Refurbishment
Make more of the space you've already got (without disrupting your business).

Sustainable workplaces
From sustainability assessments to sustainable office design, fit out and refurbishment.