Low earners should not join personal accounts-warning

Chairman Alan Pickering says many people in the target market did not have the most basic financial products, such as bank accounts, and the risk of losing out on means-tested benefits was too great. He said: "The target market is not necessarily served by savings products linked to the financial markets. Life-long low earners should not join a market based pension scheme. Many of these people do not have a bank account - that is the first product they should get." Pickering said those who do find themselves in personal accounts will be paying a "massive chunk out in lost income oppor...