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Gordon Lishman, Director General of Age Concern, said:

“Personal accounts are an essential part of pensions reform and we strongly support the EOC in aiming to ensure that those paying into this scheme will benefit, and that vulnerable groups do not lose out. This scheme will not be suitable for everyone, but we need to make sure that for the majority it will pay to make savings toward their retirement.

“Looking at increasing the level of total pension savings people can take as a lump sum and raising the savings limit before means-tested benefits are affected will help to make personal accounts beneficial for the vast majority of people. This will be particularly helped if they also have access to good information and advice to help them make appropriate decisions about pension saving.”

ENDS

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