Report urges care over pension reforms
A report from the Association of Consulting Actuaries (ACA) has urged the government to exercise caution as it aims to implement pensions reform over the coming months and years, it has emerged.
The proposed introduction of personal accounts as a way for Britons to save for their retirement has been welcomed by the association as "laudable", but there are concerns that existing "good" pension provisions could be damaged as a result of the reform process.
A survey carried out among British employers as part of the report found that 68 per cent felt personal accounts might lead to a "leveling down" of the pension contributions being made by organisations.
Chairman of the ACA Ian Farr commented: "Regulatory easements and real positive support for 'good' existing and new workplace arrangements is a vital element of reform - this must be effective ahead of 2012 when personal accounts are set to be introduced.
"A radical agenda of reform from the Deregulatory Review currently underway is vital - we await its results with great interest."
The ACA's members number more than 1,500 and work in a total of 80 companies across Britain, making it the largest organisation of its kind in Europe.
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