Industry alternative to NPSS could arrive in 2007

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The Association of British Insurers (ABI) is "mustering the troops" in an effort to come up with an industry alternative to the National Pensions Savings Scheme (NPSS), and could be up and running by 2007 if approved.

The government threw down a challenge to the industry at the beginning of the month to come up with an industry-led alternative to Lord Turner’s NPSS ready for presentation by early February. According to John Lawson, head of pensions policy at Standard Life, the industry is in overdrive but working closely with the ABI, who is “mustering the troops”. “This will see a huge change in the industry. There are estimates that it will cause 50,000 job losses, but even if the industry administers the scheme, it will have to be an electronic offering, with no paper-based interface, with all the ...

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