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i never ceased to be amazed
by the distance between what a government thinks and what is reality...lets see...so 8% contribution per year....now I wonder what that equates to in pension over say a 45 year period after taking account of inflation....my guess is (and it is only a guess) for the 'normal' person earning 15-30k not a lot....given the type of pension provider...or what is offered I suspect that the growth of such a pot will be minimal....
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I think he meant 35,000 companies done (most of which would have a pension scheme anyway) and several million who haven't.
I am still waiting for the promised land:
"Even smaller firms will have providers to choose from, but they’ll just get a package designed… to fulfil their legal duties"
Where are they then?
So far we have NEST and er that's it for the "under 5 employee" brigade which by volume is the largest part of the market and the one that wont move until beat with big sticks.
its
a shame a little more thought didn't go into this....I presume to auto opt in option was precisely there to create a large take up....really not rocket science! and with pension providers being picky, with no doubt 'cheap' products being used for this scheme one wonders if there are any remote possibilities that a decent pension will be achieved by anyone but for those contributing significantly more than the standard, or those higher rate taxpayers....