Precise details on the structure and workings of the 'personal accounts' announced by the government today as part of its solution to long-term savings needs will have to wait until the publication of a further document sometime in the future.
Work and pensions secretary John Hutton’s white paper provides a skeleton outline of what the government wants the accounts to do, but does not commit to a timetable when it adds: “We will publish a document later this year setting out the approach we intend to take on the operation of personal accounts. “This will include: the administration of personal accounts; the structure and type of investments; the process of taking a pension; the exemption process for qualifying workplace schemes; linking the contributions band to earnings growth; transitional issues on implementing the ...
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