UK - Unions and age charities have voiced their opposition to the Department of Work and Pensions' (DWP) proposal to limit annual contributions to personal pension savings.
The proposal aims to see whether reducing the £5,000 annual limit to £3,000 would strike the right balance “between targeting the scheme effectively and giving individuals the opportunity to make additional saving”.
A DWP Spokesman also invited comments on the level where the limit should be set.
A TUC spokesman said their argument was clear: “Why should the state prevent people from putting their savings into this product and provide their suppliers with an absence of competition?”
He continued to say that an annual limit would affect female workers whose careers do not tend to conform to a steady path of work between the ages of 22 and 65, adding: “If there is to be a limit at all a lifetime limit would make more sense.”
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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