Leading insurers say government proposals for a national pension saving scheme are "flawed" and could lead to widespread mis-selling of retirement plans to low-income workers, says the Guardian.
They warn ministers could repeat the mistakes of the late 1980s, when millions of people were mis-sold personal pensions and the industry was forced to pay billions of pounds in compensation, reports the paper. Their concerns echo misgivings from employers' groups and MPs – including the former welfare reform minister, Frank Field – the scheme, due to be outlined in a bill before parliament next month, was misconceived and could damage pension saving. COMPANIES WILL struggle to pay off their pension deficits over the next ten years, according to the latest survey from Deloitte, reports...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
