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04-Jan-08 11:10 [Pensions]
TPAS welcomes new government pensions scheme The Pensions Advisory Service (TPAS) has welcomed the national Personal Account pensions scheme which is due to be introduced in 2012.
TPAS also warned that the plans could also throw up some potential problems and so consumers should be fully aware of their options.
Des Hamilton, technical director at TPAS, said: "It will bring a lot of people into pensions – millions of people – who otherwise wouldn't have been making any provisions for their retirement. There are potential problems with it, but generally speaking it's intended for people who don’t have a plan or a scheme available to them."
He added that many people are not making provisions of their own, so from that point of view the scheme is "very desirable".
According to government research, seven million people in the UK are failing to save for their retirement and it is these people that the government are targeting with the scheme.
The number of people eligible for pensions will rise from 11.4 million in 2006 to 12.2 million in 2011, according to research from Age Concern.
The last 12 months have proven to be a very painful time for pension funds in Ireland, according to an investment consultant service's research this week.
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In response to a worsening situation on the high street, major retailer Marks & Spencer (M&S) has announced 1,200 job cuts and big changes to the current final salary pension scheme they offer.
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The value of the hours of unpaid overtime in the UK is £26.9 billion, according to the Trades Union Congress (TUC).
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