Pensions overhaul in Autumn Statement will cost workers tens of thousands, says ex-pensions minister
The i newspaper reports The Government’s plan to introduce one pension pot for life could leave workers tens of thousands of pounds worse off in retirement according to a former pensions minister.
The Chancellor, Jeremy Hunt, is expected to announce in Wednesday’s Autumn Statement a radical change in pension saving, introducing a “pot for life”. The change will mean that workers can reject their current employer’s scheme and ask instead for contributions to go to another arrangement.
The new approach, modelled on how pensions work in Australia, will allow workers to keep track of their pension far easier, limit how many pension pots a worker has and allow people to choose their own provider.
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