UK Politics

Liberal Democratic Party: Government’s pension reforms in disarray – Webb

Press Release   •   Dec 11, 2009 11:04 GMT

“People on low incomes who are not currently saving will be hit hardest," said the Liberal Democrat Shadow Work and Pensions Secretary.

Commenting on delays to the rollout of Personal Accounts announced in the Pre-Budget Report, Steve Webb said:

“The Government’s pension reforms are in disarray.

“Today’s pensioners have been let down by constant foot dragging on restoring the earnings link and tomorrow’s pensioners are now seeing their chances of a stable retirement kicked into the long grass.

“People on low incomes who are not currently saving will be hit hardest.

“Even when personal accounts are properly running, the basic level of contributions will only buy a very modest pension. Delaying the start of the scheme means even more people heading for a means-tested retirement.

“It is now more important than ever that we have a decent state pension that people can fall back on.”