UK promises 6 million pension forecasts
UK - More than six million workers are to receive forecasts of their state and private pension provisions by 2006, the government promised.
Alan Johnson, secretary of state for work and pensions, said the forecasts were “crucial” to get workers think of their retirement provisions.
A million workers had already received their statements by February this year.
But Peter Thompson, a partner at Mercer and former head of the UK’s National Association of Pension Funds, cast doubt on the government’s planned timetable of reaching 5.3 million further workers within fifteen months.
“It is a long way to go before they have that amount of workers covered. It gives them a lot to do,” he said.
“If does succeed and reach everyone, well and good.”
Discussing possible ways of getting the message across he said he thought government could give workers the possibility to receive information online.
”Whether the DWP [Department of Work and_Pensions] or the government is quite there with the software is a moot point,” Thompson said.
The pension forecast project is similar to the Swedish ‘orange envelope’ initiative aimed at informing workers of their pension situation and encouraging saving for old age.