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This petition is now closed, as its deadline has passed.
We the undersigned petition the Prime Minister to drop the Government's proposal to auto-enrol millions of people into a national pension savings scheme unless it can first guarantee that every pound saved in the scheme will make savers at least one pound better-off than non-savers. More details
Submitted by Steve Bee of Royal London Group – Deadline to sign up by: 20 April 2007 – Signatures: 2,398
Petition update, 18 May 2007
You recently signed a petition asking the Prime Minister to "drop the Government's proposal to auto-enrol millions of people into a national pension savings scheme unless it can first guarantee that every pound saved in the scheme will make savers at least one pound better-off than non-savers."The Prime Minister's Office has responded to that petition and you can view it here:
http://www.number-10.gov.uk/output/Page11728.asp
Prime Minister's Office
More details from petition creator
The Government has proposed a new National Pensions Savings Scheme (also referred to as Personal Accounts) into which millions of employees will be auto-enrolled from 2012 onwards. But the new scheme will be put in place with the current system of means-tested handouts for pensioners left largely in place. The mass provision of means-tested benefits for retired people has the unfortunate effect of making pension savings unsuitable for millions of people in the workforce as the system penalises savers. Under the proposals in the Pensions Bill people who will one day be in receipt of means-tested support in retirement would find that each pound invested in the pension scheme may only yield sixty pence worth of value. That is essentially a tax of 40% for saving. As the proposals in the Bill make it likely that one in three people reaching retirement in the UK will be in receipt of means-tested support, this unfair penalty for saving will potentially affect many pension savers.
Current signatories
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Because there are so many signatories, only the most recent 500 are shown on this page.
