Personal pension plans will be effective

Thu, 05 Feb 2009

According to the pensions minister Rosie Winterton, the plan to enrol millions of Brits into personal pension plans from 2012 can go ahead smoothly. Following a study that found a benefit for the majority of people, the government will go ahead with the pension scheme plan.

The scheme has drawn political fire, with an indication that many savers will replace means-tested benefits. Conservative pension spokesman Nigel Waterson claimed that it is a case of sweeping the problem under the carpet.

He reportedly commented: "5 per cent is still a pretty significant number, and just getting your contributions back is not a great result. Unless they want to store up a potential mis-selling scandal for the future, ministers must not try to sweep this problem under the carpet. If the means-testing problem is not solved, it could be fatal to the success of personal accounts ."
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