News story

10th October 2002

Government Can No Longer Cross Fingers Over Pensions

Steve Webb MP, Liberal Democrat Shadow Work and Pensions Secretary, commenting on today's report from PwC which finds that a typical worker in their 20s will still have to rely on state hand-outs in retirement, said:

"This report is further evidence of the need to require employers to pay money into employees pensions from an early age to make sure people are building decent pension rights and don't have to rely on a means tested top-up.

"The Government strategy of crossing its fingers and hoping that individuals have saved enough for retirement has failed.

"The time for compulsion is now."

ENDS