UK Money News
11th January 2008
Personal accounts 'could impact on wider industry'
The impact of personal accounts on current pension arrangements is being assessed by Scottish Life, it has been stated.
A poll of advisers carried out by the firm has shown that nearly nine out of ten advisers believe personal accounts will result in a levelling down of general contributions - and could well mean the closure of some existing schemes.
However, 13 per cent - described by the firm as a "significant minority" - disagreed with the assertion.
Steve Bee, spokesperson for the site on which the pool was conducted, states: "Many of those who responded to the survey seemingly felt that the answer was a 'no-brainer', but the poll did reveal a certain level of optimism that advisers themselves could be key to stopping the dumbing-down of our pension system."
He added that it was not completely clear whether or not levelling down in the wider sector was likely to occur as a result of personal accounts and added that reforms might depend on how employers react to current events.
The government proposed personal accounts as a "new way to save" in December 2006 and has since set out plans for a new, national system of low-cost accounts to provide help with finance in old age to the UK public.
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