Personal accounts are 'only part of reforms'

22 November 2007
The government's plans to introduce personal accounts to improve pensions provision in the UK is only one element of its overall reforms, it has been claimed.

Speaking at the Professional Pensions Show, Nigel Peaple, director of policy and panellist at the National Association of Pension Funds (NAPF), said that there are other proposals of "equal significance" to personal accounts.

According to Mr Peaple, making sure that people understand their options in terms of auto-enrolment will be "crucial" to the success of the scheme.

Meanwhile the government also needs to be committed to limiting the burden of regulation faced by pension schemes, he stated.

"Given the high employer contributions usually associated with existing provision, the NAPF supports the government’s rethink of pensions regulation," he remarked.

The NAPF's chief executive Joanne Segars recently said that its members believe deregulation is "the key" to helping to maintain workplace pension provision.

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