UK Money News
3rd April 2008
Personal accounts to be a mixed blessing
Personal Accounts will prove a mixed blessing for Britons, according to the National Association of Pension Funds (NAPF).
Under government proposals, in future all companies will be compelled to auto-enrol employees into a personal funds scheme, unless they already offer auto-enrolment into a company pension.
Mark Brooks, spokesperson for the NAPF, said that those who will benefit most of all are workers "who currently do not have access to a workplace pension".
However, businesses could find that being forced to provide the accounts will leave them out of pocket, he warned.
Mr Brooks said: "They will impact employers, especially those who currently make no contribution to a workplace pension for their staff.
"This is not just in terms of cost but also in setting up auto-enrolment systems. The latter will be new to all companies whether they currently offer a pension or not."
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