Pensions Bill
11:00 am
Paul Myners: I will be brief to give you time to ask your further questions. Importantly, the employer will provide information, not advice, and it is critical to understand that. Secondly, we will, both at PADA and in our work with the employer panel, devise ways of ensuring that the communication burden on the employer, in terms of cost, is kept to an absolute minimum. I would add, in parentheses, that there is very real advantage here to employers who previously had not been able to make workplace pension provision a part of their offering to employees. I believe that many employers will rise to the challenge and opportunity that this provides to embed better relationships between the employer and the employee. So it is not entirely a burden: there is a very significant opportunity here through the communication exercise. The responsibility to ensure that an employer has complied with their legal obligations in terms of the provision of information will lie with the regulator, which in this case will be the pensions regulator.