Aegon welcomes today’s announcement by the Department of Work and Pensions of a ‘thorough and speedy review’ of automatic enrolment into workplace pensions. Aegon says the terms of reference for the review mirror the calls made in its Pensions Manifesto published in the run up to the election.
Aegon suggests the speed of the review is particularly welcome as employers and providers need time to prepare for the reforms to avoid further slippage of the 2012 timetable. The company is also encouraged by Steve Webb’s comment that the review is designed ‘to make sure that it pays to save’.
Aegon has repeatedly argued that concerns about the impact of means testing on pension savings must be addressed if the aim of pensions reform, to get more people saving more money for retirement, is to succeed.