Talking point – Personal accounts
Talking point is now closed. Thank you for your contributions. These pages are retained as an archive of what was discussed.
At present, millions of people aren't saving enough for their retirement. The Government believes one of the best ways to tackle this culture of undersaving is to automatically enrol people into a new system of personal accounts.
Employees, employers and the State will contribute to this low-cost scheme.
Individuals will be given the choice over how to invest their funds and the freedom to opt out of the scheme if they wish.
Personal accounts will also be portable so they can be transferred between employers and periods of employment.
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Secretary of State John Hutton and Pensions Reform Minister James Purnell attended a Pensions Summit to kick-start the consultation. The summit focussed on one of the main areas for the consultation: what is the most effective way to deliver Personal Accounts?