Personal Accounts: Hybrid scheme is classed as occupational

The white paper published this afternoon: ‘Personal Accounts: a new way to save’ reveals the government has chosen to base the personal accounts system mainly on Lord Turner’s recommendation for a National Pensions Savings Scheme (Npss), but adding there will be “a choice of funds for those who want it”. It says the Npss-based approach will give consumers who don’t feel able to make investment choices a simple system with a default fund, where they only have to decide whether to opt-in and how much to contribute. But the paper admits research reveals some consumers might want the option...