Personal accounts could attract just 4m new savers

The report, which highlights the potential success or failure of personal accounts depending on the reactions of employers and employees, says the reforms will create just four million new savers if more than half of workers opt out. This compares to more optimistic estimates by the Government of seven million new savers although some could belong to existing pension schemes. Niki Cleal, director of the PPI says: “It is difficult to predict how many people will want to opt out of pension saving but it is likely that there will be at least four million, and up to as many as nine million,...