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08-Apr-08 11:15 [Pensions]
Personal accounts to have 'lasting impact' Personal accounts should complement and not replace good workplace pension provision, according to the National Association of Pension Funds (NAPF).
The UK body has claimed that the personal accounts scheme, to be introduced in 2012, will benefit employees who do not currently have access to a workplace pension.
Mark Brooks, head of press at the National Association of Pension Funds, said: "The impact of personal accounts will have a longer lasting effect on people than the London Olympics of the same year."
He added that the accounts will also impact employers especially those which currently "make no contribution to a workplace pension".
The NAPF also said that setting up the auto-enrolment systems will be new to all companies, whether they currently offer a pension or not.
Under the new system, employees will be automatically enrolled onto an exempt work-based pensions scheme if they aged between 22 and state pension age and earn over £5,000 a year.
It has been understood through research that the amount of pension scheme buy-outs by specialists is expected to double within the space of four months, it has been reported.
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Over 3.3 million workers in the UK are not confident that they will still be in their job in a year's time, a recent YouGov poll has discovered.
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Government changes to pension legislation will provide more help to divorcees, especially females, it has emerged.
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