The government's Pensions Bill will NOT solve the current savings gap unless the final draft includes radical changes to Britain's entire pensions framework, warns the National Consumer Council.
On the back of a debate between MPs today on the finer details of the Bill, the NCC urges the DWP to broaden the amendments to the new legislation as to include changes to all kind of long-term savings. Ed Mayo, NCC chief executive, says: "Of course it’s important that company schemes become more flexible and that peoples’ pension entitlements are protected. But company schemes — no matter how well they are run — are just one small piece in the big and complex pensions jigsaw." At the present, only around 56% of the working population belong to a company or private pension, Mayo say...
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