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Personal Accounts - Good, Bad or Ugly?
So what exactly are they?
The new Personal Accounts are the product of the latest Government initiative designed to encourage people to save for retirement. Employees will be automatically enrolled into a Personal Account or approved alternative, with the option to opt out. It is hoped that this auto-enrolment (which begins in 2012) will make it easier for people to save for retirement.
Pension forecasts fraught with smoke and mirrors?
No wonder back in 2004 the Pensions Commission report stated that the UK “has the most complex pension system in the whole world”. Well of course A-Day was supposed to have changed all of that - but hmmm, the jury may still be out on that one. When it comes to forecasting or even understanding their pensions there’s still a fair lot of smoke and mirrors folks need to cut through yet. I was discussing pension issues with Steve Bee, UK Pensions Expert at a recent Scottish Life seminar in Dundee…