Legal & General: Pension schemes at risk over changes
www.moneynews.co.uk > Pensions > Legal & General: Pension schemes at risk over changes
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Money News |
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Legal & General: Pension schemes at risk over changes
Thu 19th Jun 2008
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According to the building society, more than 400 sets of pensions regulations were published between 2001-07.
Unless employees become more attracted to pension schemes and use them to reap greater rewards, the schemes are "at risk", a Legal & General spokesperson said.
He also said that it was important to make sure that government, regulators and professional bodies "are not doing more harm than good".
Regulatory disclosure and risk warning requirements have made it harder to explain schemes to employees, it was claimed.
The spokesperson said that the demise of defined contributions schemes was not inevitable, even if the government's plans to introduce Personal Accounts in 2012 go ahead.
But he warned that pensions workers needed to help employees understand the benefits, otherwise the schemes would ultimately disappear.
Pension experts have reportedly warned that Personal Accounts could reduce all pensions.
The plans, for employee and employer contributions to an account with a one per cent top-up from the government, on incomes from £5,035 to £33,540, could slash pensions on the highest and lowest earnings, according to financial website thisismoney.co.uk.
Related News : Pensions |
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Related News : Legal and General |
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