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Victory For Pension Savers As Government confirms Personal Accounts Contribution Caps

Following extensive lobbying from the ABI and others, the Government has confirmed that it will ensure there are strict limits on the contributions that people can pay into personal accounts pensions, due to begin operating in 2012. 

There will not be a higher contribution cap in the first year of personal accounts, and no facility to add lump sum contributions, although this will be reviewed in 2017. This decision will help to ensure that personal accounts stay focused on their target market of low and moderate earners, complementing rather than competing with existing private pensions.

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Date: 9th, October, 2008

Author: Ben Wilkie

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