Individuals 'must take responsibility' for pensions

BEAT THE ENERGY PRICE CAP INCREASE - SWITCH NOW!

 
The price cap is set to rise by £117 – switch supplier to cut your bills by up to £447* & the chance to win a Fitbit (T&Cs apply).

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jul 2018 and 31 Dec 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £447 or more.

Individuals must take "personal responsibility" for their pension provision in order to prevent a pensions crisis in the future, according to the secretary of state for work and pensions.

Peter Hain has stated that if the problem of under-saving is not tackled, increased longevity could lead to people of working age struggling to pay for an ageing population by around 2050.

Speaking ahead of yesterday's second reading of the Pensions Bill, he added that the government and businesses also have a part to play to avert any problems.

"People are living longer, are more active and expect to be able to enjoy the type of lifestyle in retirement they had while working," he explained.

"The state, individuals and employers all share in the responsibility to avert such a crisis - so we must act decisively now to renew the social contract between us."

The Pensions Bill includes proposals to introduce automatic enrolment into workplace pensions by 2012, with employers contributing at least three per cent to a worker's retirement savings.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.


Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more