UK Money News
4th January 2008
Personal Accounts 'will help millions save for retirement'
The Personal Accounts pension scheme - due to be introduced in 2012 - will bring people into the pensions system who would not have otherwise saved for retirement, according to one organisation.
Des Hamilton, technical director for The Pensions Advisory Service (TPAS), said that many people will benefit from the decision to implement the "desirable" scheme, which will give them help with finances in their retirement.
"It will bring a lot of people into pensions - millions of people - who otherwise wouldn't have been making any provisions for their retirement," Mr Hamilton said.
The personal finance initiative will, however, need to be supported by people offering plenty of advice and guidance, Mr Hamilton said.
It will ensure that people can stay in the scheme and make the best decision for their future personal finance situation.
Government research has revealed that private pension saving is lowest among employees on moderate to low incomes.
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