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Personal Accounts - Another hidden cost for the retailer?

Not heard about Personal Accounts yet? If not then you need to get up to speed! The Government is introducing a new State occupational pension scheme, into which every employee in the UK, aged between 22 and 75 and earning more than £5,035 (in 2007 terms), will be automatically enrolled (unless the employer offers a ‘qualifying’ pension scheme).

What is more, the responsibility for auto-enrolling employees and administering Personal Accounts, will fall entirely on employers, which could potentially be an administrative nightmare, not to mention a significant cost burden for retailers. It is crucial then that the financial and administrative implications of the scheme are considered well in advance of its enforcement so that the most efficient processes and procedures are put in place to curtail the operational upheaval and mitigate any excess cost.

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Personal Accounts - Another hidden cost for the retailer (publication cover)

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