Personal Accounts: A New Way to Save
- Department for Work and Pensions
- TSO (The Stationery Office)
In May 2006 the Government published its plans to reform the structure of the UK pensions system ('Security in Retirement: Towards a New Pensions System', Cm. 6841; ISBN 0101684126, available below), drawing on the recommendations of the Pensions Commission (information is available at: www.pensionscommission.org.uk/publications/2006/final-report/index.asp). In light of current estimates that around seven million people are currently under saving for retirement, this White Paper sets out the Government's proposals to reform the private pensions system.
Designed to embed a new pensions saving culture, proposals include the introduction of a new scheme of personal accounts to provide access for people on moderate to low incomes to affordable and trusted, low-cost pension saving. All eligible employees would be automatically enrolled in either a personal account or an employer-sponsored scheme, with a new national minimum employer contribution of three per cent and tax relief equivalent to one per cent.
|Format||Paperback||Published||12 Dec 2006|
|Availability||Colour copy: 3 - 5 days||Delivery||Delivery options and charges|