There's been a lot of discussion about personal accounts in the last few weeks. In mid-June the DWP issued its statement on the responses it received to the White Paper consultation earlier this year, and took the opportunity of making some decisions on the structure of pensions reform and personal accounts. It also took the opportunity of flagging a lot more decisions that would fall to the delivery authority to take.
So the mechanics of pensions reform and personal accounts is slowly coming together. But having the right structure in place (if indeed this is the right structure – and there’s a lot of debate about that) doesn’t add up to us having a ‘magic wand’ to make sure more people are saving more money for their retirement. Instead, so far in this debate, we haven’t paid enough attention to the other big challenge – changing the culture surrounding saving in the UK. This is as big an argument as making sure we have the right products. The Government is putting a lot of reliance on auto-enrolmen...
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