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 AvatarTony Rowan-Wicks 1st Oct - 9:00am
    Well spotted Caron. And in reply to Tony, I would hope that every Lib Dem MP and every LD election campaigner is just waiting for...
  • User AvatarJUF 1st Oct - 8:57am
    @JohnTilley +1 @malc +1 It seems to me a far more effective way of "blunting the Tory blade" as Kelly-Marie put it would have been...
  • User AvatarJUF 1st Oct - 8:50am
    @Caracatus - in answer to: "and after we have an EU in out referendum – what happens to the UKIP vote?" - I'm assuming that...
  • User AvatarAnthony Vaughan 1st Oct - 8:32am
    Fantastic letter! Theresa May has a habbit of selecting the evidence to suit her needs and aims! JohnTilley is right, the Tories maje it so...
  • User AvatarMark 1st Oct - 8:31am
    Well said!
  • User AvatarRichard 1st Oct - 8:29am
    Great - so now pin her down during ministerial questions. Let us remember that Theresa May was the minister who allowed her own department to...