Call for personal accounts to be default option

It argues many small businesses are unlikely to have the resources to scour the market for a pension provider once auto-enrolment is introduced in 2012. Rather than penalising these companies that fail do to anything through lack of knowledge, Xafinity wants personal accounts set up as a default. In the absence of a default option, it wants reassurances that a simple comparative system will be available at launch for businesses, similar to that offered by the FSA for the general public. Xafinity Paymaster director, Clare Ward, comments: “Almost four million people work for companies t...