Employers who fail to pay workers’ pension contributions into the new builders’ pension scheme will face tougher penalties, according to Paul Kenny, the Pensions Ombudsman.
Last week, the trustees of the Construction Federation Operatives Pension Scheme (CFOPS), one of the largest pension schemes in the country, announced that CFOPS would close in July and be replaced with a new scheme. The move will affect about one in every six male workers.
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