The general public must be placed at the centre of the proposed delivery authority for the national pensions savings scheme if it is to gain people's trust, consumer group Which? has claimed.
Last year, the government outlined plans for a new pension system entitled personal accounts to be rolled out in 2012.
Personal accounts are designed to involve automatic enrolment for all workers, with employees having to contribute a minimum of four per cent of earnings to their pension, while employers add three per cent and the government puts in a further one per cent in the form of tax relief.
Moreover, the government also unveiled plans for an independent delivery authority to oversee the design of the pension scheme.
Peter Vicary-Smith, chief executive of Which?, has argued that this delivery authority must concentrate upon the interests of the consumer if the pension plans are to succeed.
"This is a once in a generation opportunity to re-establish public faith in pension savings," he said.
"If the delivery authority is to succeed, it must appoint non-executive consumer directors who represent consumer interests and are recognised by consumer groups."
The old age pension plans aim to decrease the reliance of some retirees on the state pension for paying essentials such as bills and rent.
Pension plans must be centred on general public, consumer group argues
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Pension plans must be centred on general public, consumer group argues
Mon, 15 Jan 2007
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