The UK Government has confirmed it is to delay next year's pensions reforms. It throws into question a policy that was intended to encourage 10 million people who are not saving for their retirement to do so, and which could generate billions in inflows for the savings industry.

In a statement to Parliament yesterday afternoon, pensions minister Steve Webb said the 2012 auto-enrolment reforms will still mean every company in the UK will have to provide all staff with a pension, eventually. That will bring in about 10-11 million savers into pension funds who currently do not have one.