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Contract-out cash could help marketing

The Conservatives are calling for some of the 4bn saved through abolishing contracting out of defined-contribution pension schemes should be offered to the industry to help market pension provision outside of personal accounts.

Speaking at the ABI Savers Summit last week, Shadow Work and Pensions Secretary Philip Hammond said the move could help counter the threat to existing provision posed by personal accounts.

Hammond said there is the potential for the new scheme to damage existing pension savings seriously and the cash call could help emphasise the benefits of increased saving outside of the scheme.

LibDem Shadow Work and Pensions Secretary David Laws suggested that part of the savings could be used to fund financial education in schools and for others who may need it.

Contracting out of DC schemes will be abolished as part of the current pension reforms, with potential Government savings estimated at around 4bn a year.

The Treasury has already earmarked the money to help pay for relinking the basic state pension with earnings and some of the money is also expected to help small employers cope with the burden imposed by personal accounts.

Hammond said: “Why not offer some of the 4bn to the industry marketing people to see how we could make their schemes attractive to people who need it.”


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