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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 AvatarDan Falchikov 29th Mar - 12:49am
    'Didn’t they (Labour) once used to at least say they stood for decent, liberal, progressive values?' I'm assuming whoever at the Voice wrote this was...
  • User AvatarSteve Comer 29th Mar - 12:36am
    There is something vaguely Orwellian about this piece.... The author is Amy Finch who is "..a researcher at the independent, non-party think tank Reform. "...
  • User AvatarJulian Gibb 29th Mar - 12:19am
    I'm sorry but I don't believe you. The recent "day of action" in Gordon had half a dozen activists including Christine Jardine. This is an...
  • User Avatarmalc 29th Mar - 12:11am
    Who knows if Milliband can persuade people he's up to the job - and he did well on the TV compared to Cameron - maybe...
  • User AvatarHywel 29th Mar - 12:00am
    I posted a link to this item of merchanside on Josh Fenton-Glynn's Facebook page thinking some of his supporters might want to help raise funds...
  • User AvatarHywel 28th Mar - 11:55pm
    "I would also ask how many Lib Dem MPs are there in the poor inner-city areas where a lot of Labour voters live? I come...
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