Pensions getpersonal

Government proposals for personal accounts offer fresh hope for the UK pensions industry. But will this finally encourage people to take a long-term attitude to saving?

For the half of Britons who have no idea of their projected retirement income - and are no doubt not saving enough - there may be a beacon of hope in the form of the Government's proposed Personal Accounts, destined to hit the market in 2012. But will the scheme simplify pension provision and fulfil its aim of encouraging people to take a long-term attitude to saving? "Personal accounts will hoover up the millions of non-savers," according to Tom McPhail, head of pensions research at Hargreaves Lansdown. He believes a major benefit could be a shift in public attitude, encouraging people t...