There was criticism from the pension industry that Chancellor chose to include ‘pot for life’ pension proposals in this year’s Budget speech.
There have been concerns expressed about this ‘Lifetime provider’ model, which would give employees the right to chose their own workplace pension and keep this when moving jobs, since it was proposed by Jeremy Hunt last year.
The Pensions Management Industry director of policy and external affairs Tim Middleton says: “We feel frustrated that the Chancellor has chosen to press ahead with the Lifetime Provider initiative.
“We noted earlier this year that this was the wrong time for an initiative such as this and are concerned at the disruption this could cause for so much of the good work achieved to date by automatic enrolment.”
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