Pensions & savings
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Wealth & assets

Submission: Personal Accounts White Paper response

Patrick Stevens
Patrick Stevens

This briefing presents the Foundation’s response to the Government’s Personal Accounts White Paper. It explains that we welcome the chance to respond to the Government’s proposals for a new system of Personal Accounts. Personal accounts are a crucial tool in ensuring people on lower incomes save enough for retirement and we support the overall direction signalled in the White Paper.

Key findings

  • The Foundation has sought to answer the consultation question What sort of information should support personal accounts and the responsibilities of different organisations in communicating this information? by using the research and consultation work we have carried out over the past 18 months.
  • We have also placed our response within the context of recent developments in the field of financial capability – such as the need for joined up Government solutions to improving financial capability, heralded by Financial capability: the government’s long term approach, and Otto Thoresen’s feasibility study of a national generic financial advice service.

Further reading

Ineffective Savings Accounts
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Molly Broome
In too deep?
The impact of the cost of living crisis on household debt
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Felicia Odamtten, Simon Pittaway
Precautionary tales
Tackling the problem of low saving among UK households
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Molly Broome, Ian Mulheirn, Simon Pittaway
Patrick Stevens
Patrick Stevens Trustee