The government is in danger of alienating financial services providers with its personal account proposals, a pensions analyst has claimed.
Stephen Haddrill, director general of the Association of British Insurers, has made his comments in a speech addressed to the Future of Life Assurance symposium organised by the Institute of Economic Affairs.
Explaining his stance, Mr Haddrill contended that the government was "failing to live up to" a promise that the new national pensions savings scheme would not compete directly with existing pension plans.
And he added that the best approach would involve narrowing the scope of the proposed pensions initiative to more accurately reflect the needs of its original target audience.
"The government must refocus this policy on its target market of low and middle-income employees and pull back from its plans to expand into existing pension savings," he argued.
It is widely expected that the national pensions savings scheme will be formally rolled out in 2012.
The scheme, which features automatic enrolment, has been designed to boost pensions provision among people who are not currently saving adequately for their retirement.
Pensions analyst warns about personal account problems
Pensions Quote Line
0845 108 0505
Pensions analyst warns about personal account problems
Fri, 18 May 2007
Recommended links
Pension planning and pension information for the UKHave your pension query answered by an expert
Today's pension providers
Pension planning information guides
Employers responsibilities
State Pension & Contracting Out
Search for a personal pension scheme
Consider savings accounts instead of pensions
Personal accounts will revolutionise pensions
Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
| pensions news |
|---|
| Falling stock market slams pensions - Fri, 10 Oct 2008 |
| Greater control for pensions investors - Wed, 01 Oct 2008 |
| Pension risks not a problem - Mon, 29 Sep 2008 |
| More News |
Pensions Newsletter
Please enter your email below and subscribe to our monthly newsletter
Save on Your Mortgage
Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.
Protect Your Health
Find Critical illness, Life and Private Medical Insurance PMI policies.