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Sainsbury to trial stakeholder pension forecasts

Supermarket giant Sainsbury has agreed to become the first guinea pig to test the Government&#39s proposed plans for annual pension forecasts.


The annual personalised pension forecast will provide employees with details of both their state and private pension provision.


To overcome fears that the proposals could contravene the Data Protection Act, the retailer is sending consent forms to all of its pension scheme members. If members do not return the form they will not receive the statement.


The supermarket is among a number of high profile companies to sign up to a large scale pilot test of the plans. Others include Emap, Unigate, Prudential, NPI, Axa Sun Life and the principal civil service pension scheme.


Pension minister Jeff Rooker announced the pilot scheme in a speech to &#34FLEXtalk&#34 a forum set up by Human Resources consultancy Talking People to discuss HP development and best practice.


The pilot exercise aims to explore the best method to deliver this information. Sainsbury&#39s will trial the project to its 60,000 scheme members, starting next July.


Rooker says: &#34The Green paper Partnership in Pensions sets out the goal of a personalised pension forecast integrating information on state and private pension rights. Pilot exercises are planned to explore how that might be done.&#34


Sainsbury spokesman Greg Dawson says: &#34We will be preparing an annual statement showing our members what they have in terms of Sainsbury and Government contributions. We are currently in the process of getting our members consents forms out and once we have done this we will begin the pensions administration.


&#34It will be extremely helpful for our members providing an excellent indicator for them to gauge their future benefits.&#34

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