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05-Sep-08 11:15 [Pensions]
Provision 'could be reduced' by personal pensions A plan by the government to increase the number of workers in occupational pension schemes could result in existing retirement provision facing cuts, it has emerged.
Research by the Association of Consulting Actuaries (ACA) has predicted that thousands of employees in the UK would be affected, with personal accounts - introduced in 2012 - creating a competitive and cheaper option for workplace pensions.
The report added that the number of private sector workers using occupational retirement plans dropped by 400,000, with membership of pension schemes based in the workplace dropping by one million since 2004, the Guardian added.
Money.co.uk reported that ACA chairman Keith Barton believed the survey highlighted the "huge challenges" faced by those saving into pensions.
He said: "The viability of running a low-charge scheme across over one million employers, with minimal red tape, also remains to be resolved."
The ACA is the largest grouping of consulting actuaries in the world, with 1,700 members on its books.
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