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

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Pension plans to be given ‘star ratings’ under government proposals

A planned overhaul of the pensions system, designed to restore consumers’ faith in pension savings, could see a ‘star rating’ for auto-enrolment schemes.

The ‘star rating’ system , which will be based on the value-for-money schemes offer, the amount they charge in fees and the quality of the scheme’s governance, is part of a package of measures designed to reverse the historical decline in membership of workplace pensions.

Official figures reveal that active membership of occupational schemes fell from a high of 12.2 million people in 1967 to 8.2 million in 2011.

Other proposals outlined in the Department for Work and Pensions' (DWP) paper, entitled Reinvigorating Workplace Pensions, include the potential introduction of a "defined ambition" (DA) scheme, which would see risks shared more equally between workers and their employers.

“Automatic enrolment is a huge step forward, but it's only the start; we must ensure people are saving in high-quality, value-for-money pension schemes,” said Steve Webb, Minister for Pensions.

“For nearly half a century, we have seen declining numbers of people in workplace schemes - I am determined to reverse this trend and ensure we have pensions that are affordable to employers and attractive to employees.”

TUC general secretary Brendan Barber added: “This new initiative shows the Government is serious about improving workplace pensions.

“The TUC has always considered auto-enrolment to be the first step towards wider reform on pension provision, and we're glad the Government agrees with us.”

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