Pensions - Government Action Needed
This week Peter Hain was announced as the new Work and Pensions Secretary, replacing John Hutton.
One of the first issues the new Minister will need to tackle is the growing regulatory burden currently facing workplace pensions schemes. Many put the blame firmly at the Government's doorstep saying that the Government needs to come forward with serious proposals to ease the cost pressures on hard-pressed pension scheme sponsors and to encourage workers to enroll in pension schemes in the first place. The rules and regulations surrounding pensions can be confusing and many people, especially those far away in age to retirement will rather spend their money in the here and now rather than thinking so far ahead into the future.
The new Minister will have an opportunity to act quickly the Government have published details of a new savings scheme which will give all employees the right to a workplace pension with a contribution from their employer.
Personal Accounts, as it is called, plans to increase levels of savings by automatically enrolling employees into the new scheme.
Support for the plan can be found in the research report, Attitudes to
Pensions, which revealed that:
- 84 per cent of people surveyed supported the idea of a national pension savings scheme
- 68 per cent supported automatic enrolment, particularly if there was an employer contribution
However, the research also showed that 29 per cent of people prioritize spending today over saving for tomorrow.
With this in mind personal accounts are designed to be ‘hassle-free' to help encourage people to save.
Planning now for your retirement will obviously be of benefit to you in the future; even putting a small amount aside each month could make a difference in the future. However, working past the retirement age to supplement a
pension may always be common as our life-expecting grows, we may want to keep active for longer.
Related Tags: pensions
James Quinton is a writer based in the UK. He has had articles published worldwide. Compare
pension products online.
Recent articles in this category:
- The Secrets to Getting Low Down Payment Car Insurance
Upon purchase of a new car, there is almost always a requirement to buy an auto insurance policy as - The Wisdom Behind Auto Insurance Comparison Quotes
No one in his right mind would not go for a good deal. In fact, everyone is out on their feet and ru - The Benefits of Auto Insurance Comparisons Florida
Insurance can be expensive. This is something everyone knows about especially in the sunny state of - Auto Insurance Florida: The No-Fault Policy
There are different kinds of car insurance offered by a wide range of providers today. Different sta - Finding the Cheapest Auto Insurance Companies
Everyone is asking and searching for the cheapest auto insurance companies available today. Consider - How do You Compare Private Health Insurance Cover in Australia?
Deciding what is the best and most affordable private health insurance cover can be easy if you take - How Payment Protection Insurance Was Mis-Sold
For over six years the issue of Payment Protection Insurance (PPI) and how it was mis-sold to custom - Finding Quotes For Auto Insurance Online
One of the many concerns when you are shopping for auto insurance is being able to get access to quo - How You Can Find the Best Auto Insurance Online
When it comes to renewing your car insurance you are going to quickly discover that there are a numb - Guidelines For Searching For Auto Insurance Online
The internet can be a great source of discounts and values related to auto insurance. However, many
Most viewed articles in this category:
- Trading Forex With Pivot Points
Forex Pivot Point Trading are used today by Forex Traders and are calculated on the previous days mo - Where To Search For Free Grants
Where do you look for free grants? The search must be thorough or it could be an exercise in futilit - The Connection Between High Blood Pressure and Salt
We are a society of Salt Addicts. It cannot be denied. When you look at the things we do and the pla - Tips For Avoiding HYIP Scams
Before knowing about HYIP Scams, refer to the functioning of HYIP or "High Yield Investment Programs - Getting Credit After Bankruptcy
Consumers do not have to live sans credit following a bankruptcy. By following certain steps consume - Tips For Choosing A Credit Card
Are you looking for that perfect credit card? If so, you may be confused about what exactly to look - Cheap Car Insurance For Teens Online
Many elements determine a car insurance policy. Car insurance companies look at the person's age, hi - What Exactly Is Free Grant Money?
You can apply for free grant money from various government agencies. But where exactly does this mon - Small Business Owners Marketing and Customer Service
Marketing can be time-consuming, but it doesn't have to be hugely expensive now, thanks to the Inter - Apply Online For A Credit Card - How To Choose A Card?
The best type of credit card for you will be dependant on how you intend to use the credit card. Are