The potential loss of means-tested benefits for 5% of personal accounts savers is "unacceptable" but must not overshadow the positive aspects of auto-enrolment, B&CE Benefit Schemes says.
Deputy chief executive John Jory told Professional Pensions, IFAonline's sister title, even 5% of auto-enrolled savers losing out was an unacceptable situation. However, his biggest fear is some of the 95% who would benefit from the 2012 reforms will opt out due to means-testing concerns. "We are totally supportive of auto-enrolment but we do need to ensure the means-testing issue is addressed, so the 95% for whom this is the right choice are auto-enrolled." Jory also said if he could ask the pensions minister to do one thing it would be to accept that this is an important issue which ...
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