Scrapping personal accounts could increase debt management needs
Scrapping personal accounts could increase debt management needs
Tuesday 29th September 2009
If millions of people were to enter into retirement without a pension, the country's debt management needs could rise significantly as people struggle to cope financially.
Yesterday (September 28th) Dr Ros Altmann, a pensions specialist, suggested that the government plan should be "put on hold" as it was "not suitable in the current climate".
She said: "This whole policy should be put on hold, while a proper re-assessment is conducted. A nationally organised, low cost private pension scheme does have theoretical attractions. But in the current environment, it is not suitable."
Reacting to her comments, TUC general secretary Brendan Barber defended the government scheme and insisted that scrapping it would be "a huge step backwards".
He said: "Scrapping the new duty on employers to contribute to the pensions of their staff, would be a huge step backwards, and leave millions unpensioned.
"The new system is far from perfect and has already been delayed, but the challenge is to make it better, not to tear it up and start again."
People who are already struggling with their finances - whether as a result of pension provision or otherwise - could consider speaking to a debt management specialist in order to get their finances back on track.
News article brought to you by Debt1 – UK debt management specialists
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