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Latest NewsEconomics, government & businessDepartment for Work and PensionsPay & benefitsPensions

Government throws down pensions gauntlet to business

by Mike Berry 6 Dec 2005
by Mike Berry 6 Dec 2005


Pensions minister Stephen Timms has challenged the pensions industry to come up with details of an industry-led alternative model to Turner’s National Pensions Savings Scheme.

The pensions industry has broadly welcomed the principle of personal accounts, but questioned Turner’s preferred model of a National Pensions Saving Scheme, announced last week.

The Association of British Insurers believes it can put together an industry-led model which will do a better job than the model Turner proposed.

The minister invited the industry to work up the details of an alternative approach by February.

Timms said: “The voice of the industry has always been at the heart of our consultations on reform and we need it to be at the heart of our response to Turner.”

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He spelled out the two principle criteria that any alternative model has to meet: a radical extension of coverage, including lower and moderate earners, the self-employed and those working for small employers; and a radical reduction in cost, in terms of low management charges and reduced administration costs for business.

“If you can design a detailed, workable model that meets these criteria and can match the Turner version for a broadly comparable level of charging, then that will be very attractive to us,” Timms said.

Mike Berry

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