Personal Accounts a 'scandal waiting to happen' - Matthews

Speaking in Edinburgh last night, the chief executive of Friends Provident said it could destroy the future of pension provision and called on the Government to change its policy on means-tested benefits. Thousands of individuals could end up paying into Personal Accounts and then find their savings disqualify them from a number of state benefits in old age, Matthews says. "This is a scandal just waiting to happen," he said, "and it places our industry at potential risk of giving bad advice." Matthews says it is vital to encourage people to invest in pensions and restore their con...