James Purnell, Minister for Pensions Reform, has warned the industry against trying to legislate parts of personal accounts before the white paper consultation has even closed.
Speaking at a National Association of Pension Funds (NAPF) seminar on the design of personal accounts Purnell warned there is a danger the current Pensions Bill, which had its second reading in the House of Commons yesterday may “leak into the second Bill”. After discussing the prospect of levelling down, and the measures government has taken to “guard against such mission creep” such as not allowing transfers in and out of personal accounts and introducing an annual contribution limit, he also stated one of the objectives of the new Personal Accounts Authority (PADA) will be to guard ag...
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