New Pensions Act given royal assent

Fri, 28 Nov 2008

Up to nine million people will get access to a workplace pension after royal assent was given to a new law.

The Pensions Act 2008 means that from 2012 people will automatically be enrolled in their employer's pension scheme, or entered into the new Personal Account programme.

According to James Purnell, secretary of state for pensions, this will mean the people who had not previously had chance to build up retirement savings will be able to do so.

He said: "This act will fundamentally change the pensions' landscape for millions of people."

People who are on a low income or have irregular working patterns will be able to build up a pension as a result of the new legislation, he added.

Yesterday, Sharon Bratley, chartered financial planner at Fairivestment.co.uk, claimed that the low level of the state pension means that it vital people make their own arrangements.

While the basic pension offering provided by the government is a nice bonus, it is not enough to live off she claimed.
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