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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Pension changes could lead retirees to miss out on best deals

A leading pension’s campaign body has warned that the investments of millions of workers could be threatened as a result of the government’s new retirement fund system.

Employees aged over 22 will automatically be subscribed to an automatic pension scheme from October if they aren’t currently paying into a workplace pension or have organised their own retirement fund.

This change may lead to workers missing out on the best deals, according to FairPensions, an organisation which lobbies for the ethical investment of UK pension funds.

The FairPensions report argues that the new fund system will mean that workers will largely have to relinquish control over where their money is invested and as a result their savings may be jeopardised.

It also called for the government to scrutinise the system carefully, as well as stating that pension firms should take greater responsibility for their new customers.

Commenting on the new policy, Christine Berry, policy officer at FairPensions, said: “Asking savers to remain opted in to pension schemes they know little or nothing about demands an act of trust. Both industry and government must act to ensure that this trust is earned.”

However, the findings of the FairPensions report were criticised by the Association of British Insurers who argued that there was adequate protection in place to help to safeguard pension pots.

Pensions Minister Steve Webb has also argued that the automatic enrolment scheme will reverse the fall in pension saving.

45% who had no pension provision are set to uptake the new national pension scheme, called the National Employment Savings Trust (NEST), which is designed to provide greater financial security for their employees.

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