Pension guru Steve Bee has lashed out at critics of the pension industry and says he is tired of constant sniping.
Scottish Life head of pension strategy Bee, who is currently engaged in a second Battle of the Blogs with pensions minister James Purnell over his claims that people could find up to 40 per cent of their savings in personal accounts clawed back through means-testing of benefits, says: “What I take offence to is the idea that the existing system has failed.
“I am sick and tired of this criticism. There are more voluntary savings in the UK than in any other country in Europe. What we do have to recognise is that we have taken pensions as far as we can in this crazy pension system we are forced to operate in.”
He also criticises Government plans to use generic advice to help savers decide whether to opt out of personal accounts.
Bee says: “If generic advice is the solution to such a complex problem, why is there a need for IFAs? Even IFAs have been struggling in this complex system so how is generic advice going to work?”
Aifa deputy director general Fay Goddard says: “No amount of generic advice will prevent people from being seriously disadvantaged because of the means-testing problem.”