NAPF welcomes EU pension decision
Fri 16 May 2008
16/05/2008
The National Association of Pensions Funds (NAPF) has welcomed the European Union's decision on a new pension scheme. From 2012, employers will be able to automatically enrol their workers into either their existing pension scheme or a new savings vehicle called a Personal Account. "The EU has made the right decision," said its chief executive, Joanne Segars. "This is welcome news for both employers and the pensions industry as a whole. It should materially help the introduction of auto-enrolment as proposed in the government's 2012 pension reforms." The Personal Accounts scheme is a low-cost pension saving scheme aimed at low income workers, who currently do not have access to occupational pensions. Currently, workers need to have made 30 years' contributions to qualify for a full British state pension, although the earliest age it can be claimed is set to rise to 65 for both sexes.
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