Pensions overhaul to benefit 500,000 workers

HUNDREDS of thousands of workers without pensions are to be offered special low-cost savings accounts early in the new year to encourage them to save for their retirement.

All employers will be required by law to offer the pension schemes to employees. The schemes are expected to lead to an extra 500,000 workers taking out pensions.

The drive to increase the number of people with pension cover follows a series of shock reports which found half the workforce does not have a pension.