People have greater responsibility for pensions but they don’t understand the basics, said Altmann.
She said: “We need to sex up the idea that savings house has a role to play.”
The official review is that pensions are not in crisis now but maybe in the future. However, Altmann said: “This means that the sense of urgency to pensions has never really come through. This is not right there is a pensions crisis now and pensioners will be at crisis soon.”
Altmann now thinks pensions should be renamed. She said: “Money from the state should be kept as pensions but money that people save should be classed as long-term funding.”