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Financial critics win debate on long-term future

Two of the pension and savings sector&#39s fiercest critics won a debate against supporters of the financial services industry at London&#39s County Hall last week.

An audience of top pension and investment experts voted 65 to 55 in favour of a motion that those who safeguard our long-term financial future has been lost.

Speaking for the motion were Labour MP Frank Field and Consumers&#39 Association senior policy adviser Mick McAteer against The Share Centre founder Gavin Oldham and Scottish Life head of pensions strategy Steve Bee.

Both sides criticised the Government for its failure to address problems such as the disincentive to save caused by the pension credit and the lack of an adequate first-tier pension.

McAteer said the majority of consumers had not got a good deal from the industry and that of all the sectors the CA covered, life and pensions has caused the most detriment.

Bee said UK occupational pensions were one of the greatest welfare success stories of the last 100 years and that the funds in private pensions in the UK were the envy of other developed countries.

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