GSD reviewing simplified Private Sector Pensions Bill

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 Friday, May 3, 2019 - 10:03

The GSD is reviewing the Private Sector Pensions Bill published just before May Day by the Government. It is evident that substantial changes have been made to the draft act in the Command Paper issued for consultation in 2018.

Mr Clinton the GSD shadow minster for Public Finance and Small Business said: “The Bill appears to have been substantially simplified to the command paper with the loss of 4 parts relating to the functionality of pension schemes. 

"It is still not clear from the Bill (s11 (1)) exactly what the contribution rate will be by employees and employers whether it is 2% in total equally (i.e. 1% each) or 2% each. It is also not clear why the pensionable age has been defined as not exceeding 70.

"It is of concern that the implementation dates have been extended for large and medium employers but not for small or micro employers as set out in the Command Paper. Nor have any concessions been made for startups or micro employers. There is a lot of detail to review and the GSD will be reaching out to the Chamber, GFSB and Unite to gather feedback and concerns in advance of the debate in Parliament on this important bill.

"The GSD is of course in favour of the introduction of compulsory pensions in the private sector, but this must be meaningful and measured to balance the interests of employees and employers alike.”

03-05-19 PANORAMAdailyGIBRALTAR