Pensions Regulator to oversee new savings schemes
The Pensions Regulator is to oversee the introduction of a new workplace savings system in the UK, it has been announced.
After 2012, every Briton who earns in excess of £5,000 per year will be automatically enrolled into an occupational savings scheme and the Pensions Regulator is to monitor the effectiveness of the endeavour.
Furthermore, the organisation will be responsible for ensuring that employers around the country live up to their obligations after the reforms are introduced, the Department for Work and Pensions has made clear.
"I believe the Pensions Regulator is well placed to perform this important new role," said minister for pensions reform Mike O'Brien.
"It currently does an excellent job protecting pension scheme members while also demonstrating sensitivity towards the needs of businesses."
Millions of UK consumers aged over 55 are fearful that they will not be able to afford to support themselves financially when they reach the state retirement age, according to a study by Scottish Widows.
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