The British experience with private accounts

[existentialist]

This from the BBC via the Huffington Post this morning:


Pension opt out costs savers cash
People who opted out of the state second pension (S2P) and paid money into a personal scheme may have lost out, the City watchdog has warned.
The Financial Services Authority (FSA) said that "contracted out" savers were headed for a pension on average £4 a week smaller than those who stayed put.

Three million people have chosen to pay cash into their personal pension rather than the S2P, or its predecessor SERPS.

Contracting out was widely seen as a way of boosting retirement wealth.

. . .

There has been growing concern that people had been wrongly advised by financial advisers to contract out of the S2P and SERPS.

. . .

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/4174210.stm