New style pensions offer flexibility

Article Abstract:

Money purchase pension schemes are becoming more common in the UK, replacing final salary schemes. The employee's pension depends on the investment performance of their fund rather than their final salary. Money purchase schemes offer more flexibility for people changing jobs often. Employees are also able to influence investment decisions relating to their pensions. They may exercise too much caution, and younger people should accept higher risk levels than those nearer retirement age.

Personal finance

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Personal pensions: Labour plans cheap pensions

Article Abstract:

The UK Labor party may seek to replace personal pensions with a stakeholder pension scheme, if the party is elected. The stakeholder scheme would have lower costs and be cheaper, and this would make personal pensions less attractive, according to John Denham, shadow minister for social security. Labor argues that chambers of commerce and labor unions should help create funded pension schemes. No detailed data on costs have yet been provided by the Labor party.

Economic policy, Labour Party (United Kingdom)

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