Pensions Bill
12:00 pm
Niki Cleal: I think that the reasoning behind your question is that issues around the interaction between private savings and means-tested benefits apply today. To a certain extent I think that that is true, but there are some quite significant differences between the target market for personal accounts and some of the people who actually save today. One of the key features of the target market is that they are likely to be on low earnings and therefore are disproportionately likely to be eligible for means-tested benefits. While you are right that the effects do come into play today, there are reasons to think that some of the issues may be more acute in relation to personal accounts, given the nature of the target market.