Personal account pensions 'welcomed by TPAS'

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Lawyers and other legal workers considering their pension prospects may be interested to hear that the new personal account pension schemes have been welcomed by the Pensions Advisory Service (TPAS).

Des Hamilton, the organisation's technical director, said that "millions" more people will now have access to pensions who would not have done before.

However, he also warned that the schemes are not perfect.

"One of the big problems, particularly for the part of the population that this has been designed and aimed at - although it is open to everyone, it is very much designed for medium to low earners," he explained.

Mr Hamilton suggested that people who are unsure about the schemes should seek proper financial advice. Legal professionals would be able to receive such a service from Wesleyan for Lawyers.

According to statistics from Age Concern, the number of people who could be drawing a pension will increase from 11.4 million in 2006 to 12.2 million by 2011.

Source: Adfero