Scottish Widows reply to govt pension reforms
www.moneynews.co.uk > Pensions > Scottish Widows reply to govt pension reforms
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Money News |
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Scottish Widows reply to govt pension reforms
Fri 8th Sep 2006
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The insurer sees many of the reforms proposed in the white paper as useful and beneficial such as the introduction of personal accounts, which could significantly raise the amount of money saved for pensions, and also the increased fairness of the scheme.
However, there are aspects of the white paper that the company believe will not work and there are parts of it that are too complex.
The insurer stresses that the management charging system of 0.3 per cent per annum is unsustainable. Scottish Widows suggests doubling the annual management charge and also including a charge for the initial set up of the personal account per customer.
Ian Naismith at Scottish Widows commented: "Effective State Pension Reform requires delivery of a far simpler, fairer and less means-tested system, but one which is also affordable.
"The proposed reforms meet many of these criteria, and in particular should improve the pensions available to women and carers. But their complexity could continue to result in individuals not taking personal responsibility for their financial futures."
Scottish Widows will give the government its formal response to the white paper on 11th September.
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