| Around seven million people in the UK are not saving enough for their retirement. To address this, the Government is introducing a new personal accounts scheme, automatic enrolment of all employees either into personal accounts or their employer’s pension scheme, and a mandatory employer contribution.
This will be the most radical change to our pension system for decades and the change will dramatically improve access to affordable, low-cost pension savings. It will ultimately transform the retirement provision of people on moderate and low incomes. The personal accounts delivery authority, a new on-departmental public body (NDPB), has been established to advise and assist the Secretary of State with setting up the personal accounts scheme. Jeannie Drake is Acting Chair of the delivery authority and Tim Jones is Chief Executive. |