Fears providers will be reluctant to get involved in personal accounts were dismissed by pensions minister Mike O'Brien today, despite confirming the Government will not provide any start-up funding.
O'Brien says he is aware of providers' concerns following controversy surrounding stakeholder accounts in the past, but claims there is no need for alarm with personal accounts. The minister says the Government will not give providers start-up capital which could encourage them to launch personal account schemes. “The providers, if they wish to go into the market, will have to make their own commercial decisions," he says. “I think there will be enough take-up. If you’ve got seven million people who want to invest money, there will be people who will want to take some of that money and i...
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