Pensions reform better for workers, government claims

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Financial Services > Pensions > News

Pensions reform better for workers, government claims

Wed, 13 Dec 2006

The Department for Work and Pensions is claiming that the new pension reforms will offer better provision for millions of workers in the UK.

Personal accounts - the new pensions system - will now incorporate around ten million workers, with a guaranteed employer contribution of three per cent, which the government states will start a renewed savings culture in the UK.

Additionally, those enrolled in personal accounts will annually accrue a total of £8 billion, the department believes.

John Hutton, secretary of state for work and pensions, remarked: "From 2012, employers will automatically enrol their employees into personal accounts or into their own existing occupational pension scheme, as long at it meets the specified minimum standards."

He added that the move was "simple but radical" and would help to lower the barriers which have prevented many Britons from making savings towards their pension in the past.

Jupiter Asset Management has welcomed the reforms, stating that they have incorporated the pensions industry's views on how to ensure that UK residents are making adequate savings towards their financial future.

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