Single Pension Account

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Single Pension Account

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I would like to see the introduction of a single Pension Account.

We now live in an era where an individual will change jobs numerous times throughout their working life. Instead of joining numerous company schemes I would like to see employers pay into a single pension account.

Control over who manages the account would be placed in the hands of the individual, the same way an individual controls their bank account.

Many company schemes charge exorbitant percentages that can dwindle a 'pot' by over 20% in its lifetime. Allowing individuals to shop around for the best rates breaks the hold many pension providers have on the market and will introduces competition.

It would also provider the individual with a view of their 'pot' and expected payments in retirement, allowing them to make informed decisions on whether to alter payments to meet retirement expectations.

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