Department for Work and Pensions
London: TSO, 2006 (Cm 6975)
This White Paper sets out the Government’s proposals for a new national system of low-cost personal accounts. These accounts are designed for the approximately 10 million people who are currently not participating in a pension scheme, are aged between 22 and State Pension age and earning over £5,000. The Government proposes that:
The government expects that the introduction of personal accounts will lead to a significant shift in the pension savings culture by providing an incentive to save and overcoming inertia and short-termism.