Pension savings 'will not grow under Personal Accounts'

Keith Barton, chairman of the Association of Consulting Actuaries (ACA), called on ministers to introduce additional financial incentives for both employers and individuals to ensure pension provision is adequate. ACA research suggests almost a third of employers would be tempted to reduce benefits and abandon their existing schemes in favour of Personal Accounts. Barton believes this number will have risen even further since the economic downturn began. He says the Government's target of reaching up to 7 million new pension savers should be applauded, but says Personal Accounts are un...