New low-cost pensions saving scheme announced

On 12 December 2006, the government published a White Paper, “Personal Accounts: A New Way to Save”, setting out its detailed proposals for a new low-cost pensions saving scheme to be introduced in 2012. This article summarises those proposals, many of which are in line with EEF’s response to the government’s pensions reform White Paper.

On 12 December 2006, the government published a White Paper, “Personal Accounts: A New Way to Save”. This White Paper sets out in some detail proposals for a new low-cost pensions saving scheme.

This is aimed at employees who do not currently have the opportunity to save for their retirement through an occupational pension scheme that the Government plans to introduce in 2012.
A copy of this White Paper, together with an Executive Summary and the accompanying Regulatory Impact Assessment, can be accessed online or obtained, free of charge from Pensions Guide, Freepost RLXH-JUEU-GZCH, Northampton, NN3 6DF, Telephone 0845 731 3233.

Many of the proposals in this White Paper are in line with EEF’s response to the government’s pensions reform White Paper, “Security in Retirement: Towards a New Pensions Settlement”.

For more detailed information, see the attached document.