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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | September 2009 (9 blogs) | Should the pensions sector be wary of 2012?
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Should the pensions sector be wary of 2012?
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I took a 15 minute call yesterday answering questions for research carried out for the Central Office of Information (COI). The core content was aimed at businesses in the pensions sector and how, what and whether they are communicating the 2012 introduction of Personal Accounts to the wider marketplace.
The one question that really made me think though was 'Who do you think should be responsible for communicating the changes that will take effect in 2012?' It's a good question. Should it be Government, Regulators, the pensions sector or a combination of them all?
I remember the introduction of personal pensions and the TV advert promoting them. A man standing wrapped in chains from head to foot, 'frees' himself by wrestling off the shackles. Result? Within 15 years, there was full blown pension review launched by Regulators costing billions of pounds and damaging the reputation of the pensions industry. Surely, it won't happen again will it?
By the way, I was informed at the end of the call that the research was on behalf of The Pensions Regulator, so has Government actually learned a lesson?
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Mike Jones, MyCompanyPension.co.uk Ltd, September 16th 2009
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