Workers are to be given the option of saving into new 'collective' pension schemes which ministers believe could boost their incomes by up to 30%, under plans to be unveiled in the Queen's Speech later this week.
The overhaul would see a worker's savings pooled with those of thousands of others, rather than being run individually, and smooth the risk to employers of running multiple pensions. Supporters of the move claim the lower costs associated with running funds collectively will mean retirees will receive larger incomes. The changes are set to be announced in the Queen's Speech on Wednesday, and may be introduced in 2016, according to multiple reports. However, the Financial Times reports pensions minister Steve Webb has shelved plans to give employers more powers to change the terms o...
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