Ageism legislation to take ages
On top of everything else that seems to have happened while I was on holiday I notice that the Government has decided to delay the implementation of the new ageism laws, at least as far as pensions are concerned, for a few months.† Youíll remember from previous BeeLines that the UK has signed up to new anti-ageism laws required by Europe from the 1st of October 2006.† Iíve written about this recently and if you want to you can re-read that BeeLine by clicking on the following link: Levelling-Down and Ageism
In that BeeLine I was going on about the dangers faced by trustees of company pension schemes if they donít get to grips with the practical aspects of this difficult legislation.† Part of the problem is, unsurprisingly I suppose, that the regulations themselves are not that clear and in some aspects at least appear to be contradictory.† The main problem that scheme managers and trustees face is that any changes they make to their schemes to avoid ageist conflicts before the implementation date can be put in place on a levelling-down basis; whereas any changes made after the implementation date might involve levelling-up benefits.† Basically thereís a cheap way to implement this stuff and an expensive way.
Whether for this reason or some other the Department for Work and Pensions has announced that the age regulations will be delayed until 1st December 2006*.† My understanding is that we should expect to see some revised draft regulations put out some time soon (in October?) that will spark off yet another period of consultation closing some time in November.† The final regulations would then be laid during November in time for the 1st December deadline for compliance.† Mind you, trustees will still need their running shoes on if theyíre going to make it in time.† Iíll add this to the list and keep you posted as things come out.
22 September 2006
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*Source - DWP Press Release dated 8 September 2006