Pensions analyst praises prime minister for retirement scheme

Fri, 11 May 2007

A pensions commentator has predicted that prime minister Tony Blair's support for the proposed national pensions savings scheme "could well prove to be Blair's greatest legacy".

Earlier this week, Mr Blair announced that he would be stepping down from his position on June 27th 2007 following more than ten years in power.

As a result, political commentators across the UK are currently reappraising his influence on domestic decisions such as NHS waiting lists and immigration rules and foreign policies such as invading Iraq and Afghanistan.

However, Peter Vicary-Smith, chief executive of consumer group Which?, has suggested that his efforts to launch a comprehensive new pensions project may ultimately overshadow all other achievements.

Specifically, Mr Vicary-Smith praised the prime minister for "rejecting an illusion of choice and instead delivering a simple, low-cost and honest scheme that will provide affordable pensions for all for the first time".

The new pension scheme is expected to be rolled out in 2012.

Featuring automatic enrolment for the majority of full-time professionals in the UK, it is designed to encourage workers to boost their retirement savings rather than relying solely upon the basic state pension.

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