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07-Jan-08 10:10 [Pensions]
TPAS urges employers to be given 'free reign' The Pensions Advisory Service (TPAS) has called for employers to be given free reign to promote pensions schemes to workers.
According to the organisation, the number of people taking up a pension was greatly increased in a company when an employer was given the chance to properly promote the scheme to the workers.
Des Hamilton, technical director at TPAS, said: "In my own experience, if you are given free reign to promote the scheme properly to all employees then you can get 90 plus per cent voluntary take-up. If you don't, and it's just on the basis of some sort of paperwork, like booklets, or an announcement or something like that, then you find the take-up can be as low as 50 per cent".
He added that one of the problems which caused a low uptake of pensions was a lack of understanding and there is a "mental block for many people when it comes to engaging".
Only 39 per cent of the population were in a company or private pensions scheme in 2005, according to a BBC report.
The last 12 months have proven to be a very painful time for pension funds in Ireland, according to an investment consultant service's research this week.
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In response to a worsening situation on the high street, major retailer Marks & Spencer (M&S) has announced 1,200 job cuts and big changes to the current final salary pension scheme they offer.
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The value of the hours of unpaid overtime in the UK is £26.9 billion, according to the Trades Union Congress (TUC).
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