Consumer action group Which? has praised prime minister Gordon Brown for his reaffirmation of the government's commitment to the pensions bill.
According to Peter Vicary-Smith, the chief executive of the watchdog, the government's decision to commit to the long-term needs of the people of Britain and address the "pension crisis" is an "encouraging" sign.
"A low-cost, consumer-focussed personal accounts scheme will enable hundreds of thousands of people who wouldn't previously have had access to long-term savings to feel more secure in their retirement," he remarked.
However, the chief also noted that more work will need to be done in future. He pledged that Which? will continue to examine and evaluate the implementation of the pensions bill to ensure that the interests of consumers remain at its core.
The pensions bill was introduced after the Hutton enquiry, with the government's sweeping reforms also including a move to provide higher income after reaching retirement and raising the pensionable age to 68.
A recent survey by the Association of Consulting Actuaries found that four out of five workplace-run defined pension benefit schemes are no longer accepting new entrants.
Pensions bill praised
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