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Data Act may wreck pension forecasts

Pension experts are warning Government plans for all employees to receive annual pension forecasts will be wrecked by the data protection act.

The Department of Social Security wants all employees to receive a pension factsheet every year, providing a break down of pension details and showing what individuals could expect on retirement.

But under the Data Protection Act, the DSS has to get an employee&#39s consent before passing on details of benefit rights to employers, which would be needed to make the calculations.

Experts warn this would cause costs to soar and lead to red tape which present systems could not handle.

Scottish Equitable pensions development manager Steven Cameron says: &#34Most people would agree the concept of combined pension statements is a very good one.

&#34But asking individual employees about their benefits is going to be extremely problematic. Systems to deal with it are currently not available.&#34

A DSS spokesman says: &#34There are no insurmountable problems but we are still at the preliminary stage. It is not going to be easy and could take some years.&#34


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What's going on in the 'offshore' world?

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