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Insight interview - Save as you yearn.
(From Financial Director)
Byline: Anthony Harrington.
At the government's insistence, companies have spent the past year or so extending pension arrangements to all their employees through stakeholder schemes. This was supposed to encourage lower-paid employees, and those who were not eligible for occupational schemes, to get into long-term saving for their retirement.
It was a grand idea, in a way, but it has turned into a lead brick. Stakeholder has not flown. In fact, the consensus is that the idea has bombed, possibly irretrievably. Figures released by the Association of British Insurers show that just over 90% of all schemes set up as stakeholder funds have no members.
The question now for finance directors is what to do next.
Should they ignore the fact that an attempt to extend pension arrangements to the rest of their workforce has failed? They can turn away if they and their board choose, but turning one's back on the lower-paid sector of the workforce is hardly going to win your company an 'employer of choice' award.
Pensions experts are unanimous
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