UK - Investors are better off saving for their retirement by depositing money into savings accounts than investing in occupational pension schemes, an independent consultant warns.
"Money is not safe anymore, not in the way it was.
"My fear is that people will put money in the bank instead of in pension schemes. People could shy away from pensions because money in the bank is seen as safe - it is not locked up for decades and you do not have to pay fund managers."
Altmann said the government would go down in history as "the administration that destroyed pensions".
"The confidence in pensions has been crumbling for some time now. MPs and other civil servants are probably not aware of the scale of the problem as public sector pension schemes are backed by the taxpayer and not corporate sponsors."
Altmann added that working for the government was the best way in which to secure a good pension, as even if the government hit rockier times than present it would never legally be able to reduce contribution rates to civil servant schemes but could reduce the level of state pension.
"Most people do not realise this. Public sector pensions are far safer than the state pension. To reduce contributions to public sector pensions the government would have to change the law.
"Things have come home to roost - pensions are only backed up to 90% by the Pension Protection Fund and Financial Service Compensation Scheme and that is capped. In an aging population you do need people saving for their retirement."
Altmann said the government would find it difficult to launch personal accounts in 2012 as confidence in pensions was at an all time low and younger people were seeking alternatives to pension schemes.
She added that the people personal accounts were intended to help could also be the people who would be worse off saving through the auto-enrolled scheme.
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