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Occupational Pensions: Regulation

Volume 507: debated on Wednesday 17 March 2010

To ask the Secretary of State for Work and Pensions for what reason the cost to businesses of external advice to comply with the provisions of the Pensions Act 2008 was not included in her Department's estimate of the cost to the private sector. (318523)

The Workplace Pension Reform Regulations Impact Assessment, published January 2010, makes clear we have not calculated the costs to employers of seeking external advice, as the regulations do not require employers to seek such advice on how to implement or comply with the reforms.

The Government are working closely with both the Personal Accounts Delivery Authority and the Pensions Regulator and already have plans in place to provide employers with information and support both before and during the implementation of the reform. The Pension Regulator's communication and education campaign is being designed to help employers and the intermediaries employers rely on for help, to understand what must be done to meet the new employer duties.

Employers who still choose to seek advice from external bodies on top of the information provided by the Department and the Pensions Regulator must anticipate a benefit from this advice that outweighs the cost.