Shadow Treasury chief secretary Angela Eagle has attacked the Government’s pension reforms, claiming they put people off saving for retirement.
Speaking at a fringe event at the Labour party conference in Liverpool last week, Eagle said switching indexation of pension increases from RPI to CPI and the accelerated increase in the state pension age sent the wrong message.
She said: “The RPI/CPI switch takes a quarter out of what people think they will have at retirement so they are not going to get what they expected. The sudden increases in the state pension age this Government has introduced make people think they are never going to get to retirement, so why bother saving.”
At a separate fringe event, National Association of Pension Funds chief executive Joanne Segars said the increase in the state pension age is going “too far too fast” and criticised the recent Government announcement that employee contributions into public sector pensions would rise by an average of 3.2 per cent.
She said: “It is not helpful and it is leading many to leave public sector schemes.”