It was revealed in the Queen’s speech that a Bill will be published to place a duty on every employer to contribute to good quality workplace pensions for their employers.
“This Pensions Bill represents the next important step in making Personal Accounts a reality for the millions of people who are currently not saving enough for their retirement. Now that the Delivery Authority has been set up to provide an independent and accountable governance structure the next challenge will be to design the framework for personal accounts in such a way as to provide maximum simplicity for employers and employees alike and to allow the expertise of the private sector to be harnessed in a competitive manner to deliver an efficient, low-cost, long-term savings vehicle for the target market,” says Richard Saunders, CEO, IMA.