Pensions Minister: Get ready for the 2012 revolution

Saetana

Given how often people change jobs in the current climate then any kind of employer scheme isn't a great idea, better to have your own personal pension that you choose how much and when to pay into. Most people will opt out of this new scheme and whilst I don't know a huge amount about pensions this NEST idea sounds terrible - what is the point of a scheme that will not allow you to switch out to a better one, its anti-competitive and I can see way too many employers going for this apparently simple solution to the problem. Asking employers (particularly small to medium sized ones) to start contributing to pension schemes when they aren't already is an idiotic idea given the current state of the economy.

We already have one compulsory pension scheme in the state pension, we did have two including SERPS which is apparently doing a disappearing act. Although the new scheme does have an opt-out clause, will this always be the case? The fact is, if people are prepared to make do on the state pension (which for a couple is more than my husband and myself currently get from his disability benefits) then why try to force them into saving more? I agree with what a couple of people say in that this sounds like a gradual slide towards reducing the state pension, which will be meaningless in the end as those who don't have enough will be forced to claim top-up benefits. Remember, not everyone who is out of work chooses to be in that position and I'm getting really sick of people dubbing anyone claiming benefits to be "scroungers"!

Better education (particularly at school) in personal finances would do more to help with the longer term pension situation, I'm 42 and I find pensions to be a confusing nightmare. I have a personal pension (not much of one but better than nothing) from when I opted out of SERPS (which I did immediately we got the option) plus should get at least a partial state pension as I worked for the first 20 years of my working life but its unlikely I will be able to do so again due to the state of my husband's health. We're on a seriously low income now so don't have much expectations for our retirement in any event, we're likely to be better off if anything.