Means-testing has to stay in Npss - DWP

Robert Laslett, chief economist at the Department for Work and Pensions (DWP) made the comments at a seminar on ‘Incentives to Save in Personal Accounts’ which was arranged by the government to answer concerns over the level of means-testing which will be left in the pensions system following the state reforms. Many in the industry believe the means-testing element of the state system will mean for many people it will not pay to save in personal accounts as the Pensions Credit will act as a 40% tax on their savings, with Steve Bee, head of pensions strategy at Scottish Life, starting an e...