Govt commitment to pensions crisis welcomed
The government's long-term commitment to the pensions crisis is "very encouraging", according to consumer watchdog Which?.
Chief executive of the organisation Peter Vicary-Smith has welcomed the government decision to seek a solution to the crisis, which was announced recently.
"A low-cost, consumer-focussed Personal Accounts scheme will enable hundreds of thousands of people who wouldn't previously have had access to long-term savings to feel more secure in their retirement," Mr Vicary-Smith said.
He added that the consumer group will "keep a close eye" on any developments concerning the pensions bill, attempting to ensure that "consumer interests" are at the heart of any legislation.
Figures from the Association of Consulting Actuaries (ACA) revealed earlier this week that approximately four in five (81 per cent) defined benefit schemes are no longer open to new employees.
ACA chairman Ian Farr said that this could result in "under pensioning", particularly among the young and middle-aged.
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