The ASP hoo-ha that developed following Ed Balls' comments in July at last seems to be dying down. Attention has now turned to the much more important topic of personal accounts.
These are the new retirement savings accounts that will turn the group pensions market upside down in 2012, and will probably inflict a lot of collateral damage on the journey there. Everyone is busy putting together their response to the white paper in the hope of influencing the government’s autumn technical paper. That is the much-awaited document that will tell us if the new savings scheme is to be run by a government-controlled quango (called ‘competition for contracts’) or by the pensions industry (the ‘branded provider’ model). The government still seems to believe that if they...
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