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Pensions bill attacked for `helping too many`
10 December 2007
The government`s pensions bill, designed to help consumers avoid debt problems in later life, has been slammed by a leading financial organisation.
IFG Financial Services has claimed that the government`s ideas try to please too many people, with more needing to be done to help those with the biggest financial problems.
Under the government`s plans to solve the pensions crisis, consumers will be subscribed automatically into a savings scheme, in an attempt to make people save for their retirement.
However, Donna Bradshaw, an independent financial advisor with the company, suggested people may be hit twice by the scheme.
"Most people do not have the money to save and there`s going to be a double hit because they`re going to be forced to save, when they`d be better off not. They`re going to be the ones to lose out most."
The government announced its proposed pensions bill last week, which included measures such as ensuring that all workers over 22 who are earning more than £5000 should pay into a workplace pension scheme.
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