Property News · May 7, 2016

Ex-pensions minister is still worrying about pensions. We should too


Ten million people will find their retirement payout isn’t adequate. Steve Webb has an idea that may fix the biggest issue facing pension savers in BritainI met up with Steve Webb this week, the highly regarded pensions minister in the coalition government for five years until he lost his seat in the election. He can be a lot more candid now he’s out of office (particularly in what he says about George Osborne). What, I asked, is the biggest single issue facing pension savers in Britain today? Is it the fact we may all be forced to work until 70 before collecting a pension? Is it the way women born in the mid-1950s are shafted when it comes to the state pension? Is it the gaping hole in the BHS pension fund?It’s none of these, he said. The biggest issue is something that is not being talked about anywhere, yet it will affect 10 million people – not today’s pensioners, but those at work, on middling or low incomes. The good news is that the vast majority have been, or are about to be, automatically enrolled into a pension scheme, many for the very first time. The bad news? They will be seriously disappointed if they think the pension will pay out anywhere near enough when they come to retire. Continue reading…

Source : theguardian.com
Read more…Ex-pensions minister is still worrying about pensions. We should too

You may also like...