Pension reform could be next generation scandal - papers 12th Dec

The new pensions are designed to reach more than 10m people who are mostly low-paid and have no retirement savings but one of the voices Steve Bee, head of pensions strategy at Scottish Life, says the means-testing of state benefits, which deducts 37p in the pound from anyone whose annual income exceeds £5,220, could mean many people who are automatically enrolled into Personal Accounts will be no better off. "It will be interesting to see how they are going to word the wealth warning to tell millions of low-paid people that £1 invested in a Personal Account might be worth less than £1 in...