Saga criticises new pensions calculator regulations

www.moneynews.co.uk > Pensions calculator > Saga criticises new pensions calculator regulations

Saga criticises new pensions calculator regulations

Tue 2nd Nov 2010

A number of issues regarding the government's National Employment Savings Trust (NEST) scheme have been highlighted by a source at Saga.

Dr Ros Altmann explained that she is concerned consumers will not be offered sufficient advice before they are automatically enrolled.

She also noted that many people may be lulled into a false sense of security by their NEST payments, despite the initiative only leading to "modest" savings at the end of the day.

Another issue that could affect workers is the quantity of cash that companies choose to deposit into their employees' retirement accounts.

"We are concerned that many employers could take the opportunity to cut back their contributions to existing pension schemes towards the minimum level," remarked Dr Altmann.

This week, the Department for Work and Pensions revealed 30 per cent of pension savers do not know how much their firm is paying into their retirement pot.

Pensions minister Steve Webb stated that the NEST project could transform many people's prospects.

Click here for more pensions calculator news

Related News : Pensions calculator
	Pension savers reach record low
	Brits 'should be able to save at ATMs'
	High earners pension tax relief to change
	Pensions 'are still confusing for many'
	EU proposals could damage UK pensions
	QE 'has negative impact on pensions'
	TUC advises on boosting pensions savings
	Delaying retirement 'significantly boosts pensions income'
	Pay freezes 'set to continue'
	Brits 'must be increasingly resourceful'

Related News : Saga
	Travel insurance 'is essential for holidaymakers'
	Interest rates held at 0.5 per cent by Bank of England
	Saga extends travel insurance policy to cover holidays at home
	WRIC report claims private sector needs to do more for pensions
	Watchdog criticises personal pensions market
	Saga chief discusses pensions calculator proposals
	Saga describes women's pension decision as 'a cruel blow'
	Saga chief suggests utilising property to boost pensions calculator
	Retirement calculator change will benefit women, says Saga
	Saga points out issue affecting retirement calculator customers