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New pension plans worry workers
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Workers are nervous about the extra cost of personal accounts, it has been reported.
Under the personal accounts system, workers not contributing to a company pension will be automatically enrolled into a government-sponsored saving scheme by 2012, according to the Independent.
Though the scheme is intended to ensure a decent retirement for 12 million UK workers not saving enough, a recent survey by B&CE Benefits Schemes found more than one-quarter (28 per cent) are worried they could not afford the four per cent deduction from their wages.
Over one-third of workers not saving for retirement said the rising cost of living is preventing them from doing so.
John Jory, deputy chief executive at B&CE, told the publication: "When money is tight, there are always more pressing things to do with your wages than put them in a pension."
The National Debtline recently revealed that those running out of money early in the month are increasingly relying on payday loans.
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Created on 13/06/2008 10:16:08
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