PUBLISHED: 12:16, Mon, Mar 18, 2019 | UPDATED: 12:29, Mon, Mar 18, 2019
Too many Britons approach the end of their working lives with a sense of dread over whether they have put aside enough savings to keep them comfortable. So anything that boosts personal pension income is worthy of attention. The Government will today give the go-ahead to collective contribution schemes which are popular in the Netherlands and Denmark and which will be pioneered here by Royal Mail's 142,000 staff.
By allowing groups of workers to "go Dutch" and pool their pension pots, rather than investing as individuals, they could spread risk and cut costs and red-tape.
It could raise retirement incomes, with more certainty and regular pay-outs, says Work and Pensions Secretary Amber Rudd, who writes exclusively for us today.
Of course, the new schemes are not without risk, and at the time they were first mooted here five years ago, some critics in the Netherlands were all for swapping to UK-style annuity pensions.
The pilot scheme will need to be studied carefully, but pensioners deserve better than they get at the moment.
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