Govt 'hell-bent' on destroying Personal Accounts rivals

It says officials representing the Department for Work and Pensions (DWP) have opted against what it calls an “acceptable” quality test put forward by a cross-industry group and will instead employ its own. According to Standard Life, the move means that, from 2012, existing schemes will have to adopt the same definition of pensionable earnings as Personal Accounts which, it says, will prove an “administrative headache” for employers. It says the move could mean millions of low earners will be worse off in retirement as employers opt to shut existing schemes and roll employees into Person...