Tag Archives: saga

LibLink | Steve Webb fears poor rap for pensions

FTAdvisor.com reports:

Steve Webb MP has raised fears about pensions’ poor image and how low interest rates and quantitative easing have damaged annuities. The Pensions Minister, who said the government is going to use employers to promote pensions and auto-enrolment, described auto-enrolment as being like a Ming vase – “very precious, but very fragile”.

He added he wants to change perceptions and instil confidence in retirement planning to ensure that charges are not too high and that pensions offer value for money. He said: “We need to move from a system that’s fiendishly complicated, that still leaves millions of pensioners living in poverty, to one, ideally, where we have a single, simple, decent state pension on which people can build.” …

He also said quantitative easing has damaged pensions. When asked about concerns over annuity risk given low interest rates and quantitative easing, the Minister admitted to “an issue about volatility, not knowing what you are going to get and an issue about poor returns.”

You can see Steve’s interview with Saga’s Director-General Ros Altmann below:

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Recent Comments

  • User AvatarGlenn 25th Mar - 1:20am
    Roland; I misunderstood you chap. I don't agree. Germany, France and even Italy all had and have stronger trade unions. Unions have not been that...
  • User AvatarCllr Mark Wright 25th Mar - 12:25am
    "The second problem is that the Bank of England itself takes the view that Quantitative Easing is regressive, because it pushes asset prices upwards, and...
  • User AvatarKatharine Pindar 25th Mar - 12:24am
    Dear Rebecca, As I was a Politics student and Union of Liberal Students member at Leeds University in 1966 I read your article with delight,...
  • User AvatarLorenzo Cherin 24th Mar - 11:23pm
    The article is overblown, the responses almost measured in comparison. The policy is a compromise. Yes those to the left of Ho Chi Min and...
  • User AvatarRoland 24th Mar - 10:23pm
    @Glenn - The trouble is that 'business' also includes the workers. Remember just how many of trade union call to arms has been about the...
  • User AvatarDavid Raw 24th Mar - 10:23pm
    @ Richard Underhill Yes, indeed. In fact why have a party at all ? It only causes vexation .