Personal accounts to 'complement' existing schemes

In its response to a White paper consultation on the new savings scheme, the Government also unveiled details of how personal accounts will work and claimed new research suggested the scheme has “overwhelming” support. Personal accounts, set to be introduced in 2012, will attempt to counter the growing number of people the Government fears are not saving enough money for retirement. Everyone of eligible age will be automatically enrolled on the pension scheme which will see their contributions matched collectively by their employer and the Government. Secretary of State for pension...