More than three-quarters (81%) of respondents said the volume of change in the pensions sector in the next 12 months will adversely affect the level of services provided, according to research by the National Association of Pension Funds (NAPF).
The survey, which questioned 108 respondents, found that 87% of employer respondents were most worried about the implementation of auto-enrolment.
The abolition of defined benefit (DB) contracting out was also cited as a high concern, according to 78% of all respondents.
Respondents’ other concerns include:
- The problems posed by the administration of pensions tax relief (67%).
- Adhering to the new DB code of practice (61%).
- Adhering to the new defined contribution code of practice (59%).
- Complying with the new definition of money purchase schemes (44%).
Joanne Segars (pictured), chief executive of the NAPF, said: “The NAPF and its members have worked hard to shape and deliver effective reforms that bring positive results for pension savers, but this stack of change threatens our members’ ability to continue to deliver business as usual.
“The ambition behind all these various changes is to be applauded, but in attempting to do so much in such a short period of time, we risk not delivering the very best outcomes for workers and savers.
“This is too important to rush. We need to press pause, prioritise what really matters and deliver automatic-enrolment effectively, making sure we build the very strongest foundation on which to build sustainable and positive change for the future.”
