The Government must do more to tackle the problem of means-tested benefits in retirement as it prepares to introduce personal accounts in 2012, urges financial benefits provider B&CE.
The comment comes in response to a statement by Pensions Minister Mike O’Brien. He confirmed the Government’s review of means-testing, due in the autumn, will fail to table policy suggestions for overcoming the issue that some people on means-tested benefits would lose pension savings with personal accounts. B&CE believes the problem could further damage the image of pensions, specifically personal accounts. It says the Government cannot afford to wait until next political year to say how they intend to tackle the “elephant in the room of pensions”. John Jory, deputy chief executive, ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes