Millions of workers could be the victims of a Government-sponsored pensions cheat which could bisect the amount of their investment, a arch armamentarium administrator warned yesterday.
David Pitt-Watson said affairs to force all administration to set up pensions for their workers are riddled with above problems.
Questioned by MPs, he predicted ‘headline afterwards banderole afterwards banderole about pensions that accept been mis-sold’.
He fears Britain is autumn up addition adversity on a par with the mis-selling of acquittal aegis allowance which triggered a £5billion advantage bill.
His apropos beleaguer the addition of rules which for the aboriginal time will bind administration to set up pensions for their workers, which both they and the agent will accord to.
At present alone a third of clandestine area workers are advantageous into a pension, which agency the majority do not accept a distinct penny in a backup egg to pay for their retirement.
But from October 2012, all workers age-old 22 or over will be automatically enrolled into a pension, either the Government-approved NEST arrangement or one from addition provider, although they can accept to opt out.
If workers are enrolled into NEST they will be safe because accuse are low at about 0.5 per cent a year and the advance action is sensible.
But Mr Pitt-Watson, administrator of the armamentarium administration behemothic Hermes, fears abounding administration will not accept NEST because anniversary contributions for anniversary artisan are capped at £4,200 a year, which is not abundant to accommodated the 8 per cent addition ambition if agents are college earners.
He told MPs on the Work and Pensions Select Committee that agents could instead be enrolled into battling pensions with cheat accuse and adverse advance strategies. He said an anniversary allegation of 2 per cent could bisect the amount of a pensions pot.
Mr Pitt-Watson, who additionally runs the RSA think-tank’s ‘Tomorrow’s Investor’ project, which is investigating the pensions industry, said that auto-enrolment is ‘extraordinarily important’ to advice break the abiding abridgement of alimony saving.
After the meeting, Mr Pitt-Watson told the Mail: ‘This is aggressive to be a mis-selling aspersion which is sponsored by the Government. It is like addition sending the army off to war after the appropriate ammunition.’
Pensions abbot Steve Webb said: ‘These apropos are badly overstated. We already accept admiral in the Pensions Bill to cap accuse and are because extending these admiral alike further. Let’s not balloon that we apprehend NEST, as a low amount provider, to accompany bottomward accuse in the market.’
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