Landmark or dead weight?

Dear Editor, The Pensions Bill is a landmark in the Government's programme of pension reform. Millions of UK adults will be automatically enrolled into low-cost pension arrangements for the first time. If successful, personal accounts could dramatically improve pension provision, especially among lower earners. There remain concerns, though, about the impact on the existing pensions market. If employers close down existing pension arrangements and move to personal accounts with a lower contribution rate - most likely the 3% minimum - then much of the benefit will be lost. It could also,...