Personal Accounts 'will not protect against poverty in retirement'

The Royal Society for the Encouragement of Arts, Manufactures and Commerce report says that, although the Government's policy of auto-enrolment and Personal Accounts represented a big opportunity for UK savers, it argues the scheme must be extended to cover pension payments above £3,600 if it is going to have a major impact. Entitled 'Pensions for the people: Addressing the investment crisis in Britain', the report suggests by limiting pension payments to £3,600 many savers across the UK will be forced to open private pensions charging "exorbitant" costs. Written by Hermes Equity Own...