Debt help news: Government pensions scheme rebranded

08/01/2010

Those looking for long-term debt solutions could make use of the newly rebranded national work place pensions scheme from the government.

Announced yesterday (January 7th), the National Employment Savings Trust (NEST) will be targeted at low-to-moderate earners to help them prepare for the future and avoid debt in older age.

NEST is a part of the government's 2012 workplace pension reforms.

Minister of state for pension reform Angela Eagle commented: "This government's radical reforms to the pensions system will ensure millions of workers on low and moderate incomes are able to save for their retirement in a workplace pension with a new guaranteed minimum contribution from their employer.

"NEST will play a key role in this and help transform attitudes to saving."

Employees will be required to make up level of contributions to the pensions account, with further contributions coming from tax relief and the employer.

The scheme was previously known as the personal accounts scheme.

Director of EuroDebt Kevin Still, said: "Going into retirement years with high levels of unsecured debt and possibly a mortgage still to pay off are daunting prospects which are a reality for many people today.

"EuroDebt’s average level of unsecured debt for a client over sixty on a Debt Management Plan [DMP] is over £29,000."

Tags; Retirement Money Problems,

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