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Employee reward and benefits news
Pensions for lower wage earners under government scrutiny
The coalition government has announced plans to take an in-depth look into the plans for setting up pension schemes of those earning low incomes.
Auto-enrolment and the National Employment Savings Trust (Nest), proposed by the former Labour government, will also be scrutinised by the present government.
The government's decisions have been prompted by suggestions from industry experts that the Nest would do little for those in the lower income earning bracket.
It is believed that the Nest would only replace the means-tested benefits that these workers were originally entitled to, and provide no added incentive for saving into a pension scheme.
Speaking to the Financial Times, pensions minister Steve Webb said: "We are reviewing every contract that the Labour government signed after January 1st, and the one to administer Nest is a large one worth over £1bn over the next ten years."
Recently, Keith Churchouse, director of Churchouse Financial Planning, urged the government to take prompt actions to avert a looming pensions crisis in the future.
Posted by Elizabeth Mewes
Please click here for more UK employee pension news.
June 1st 2010
