Proposals to reform private pensions
Summary
It is estimated that around seven million people are currently not saving enough to support themselves in retirement.
In May 2006, the Government published its plans to reform the structure of the UK pensions system in 'Security in retirement: towards a new pensions system' (Cm 6841), drawing on the recommendations of the Pensions Commission.
This White Paper from the Department for Work and Pensions (DWP) sets out the Government's proposals to reform private pensions and is designed to create a new pensions saving culture in the UK.
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How does it affect me?
Are you one of the seven million people currently under-saving for retirement? If you are an employee (with or without a private pension), are an employer or work in the pensions industry, this affects you.
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 3% and tax relief equivalent to 1%.
Read the Minister of State's Pensions Reform blog.
Contribute to the DWP Pensions Reform Forum.
The House of Commons Work and Pensions Committee would like written contributions on the questions set out in the White Paper from interested organisations and individuals. The deadline for written evidence is 16 January 2006.
The submission can be sent by e-mail to workpencom@parliament.uk with the subject line “Submission to personal accounts inquiry” or to:
Louise Whitley,
Work and Pensions Select Committee,
House of Commons,
7 Millbank,
London
SW1P 3JA
