News story

27th November 2002

Chancellor Proves He Is Not Serious About Solving Pension Crisis

Steve Webb MP, Liberal Democrat Shadow Work and Pensions Secretary, commenting on today’s Pre-Budget report, said:

“The Chancellor has missed an opportunity to make an immediate and radical change to pension provision.

“At the very least the Chancellor should have changed the tax laws to allow people to work part-time whilst drawing part of their current company pension. By doing nothing, the Chancellor has left many people trapped in an inflexible system.

“We must now wait for the Government Green Paper on pensions which will further delay real change.

“The Government should have taken immediate action on pensions today. By refusing to act, they have shown that they are not serious about solving the pensions crisis.”

ENDS