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Labour attacks ‘lack of urgency’ in Govt pension reforms

Gregg McClymont 480

Labour has criticised the Government’s “lack of urgency” in pursuing its commitment to reinvigorate occupational pension saving.

Yesterday, the Department for Work and Pensions published a wide-ranging paper, titled Reinvigorating Workplace Pensions, setting out how it thinks saving could be made more attractive.

The paper touches on a number of potential policy ideas, including auto-escalaton and how to deliver ‘defined ambition’ pensions.

Potential defined ambition options include “core” defined-benefit schemes where indexation is not guaranteed, DB schemes where payments are crystallised at the point a member leaves the scheme and defined-contribution schemes with low-cost guarantees.

Labour shadow pensions minister Gregg McClymont (pictured) says: “This Government promised to reinvigorate workplace pensions, but after two and a half years all they have produced is a plan to develop a plan of action.

“The Government’s lack of urgency is astounding given independent report after independent report has exposed in the last year the potential for savers to be ripped off by high and unfair charges. The Government must act to ensure the success of the new workplace pensions.

“This means high quality low cost transparent pensions managed by independent trustees and operating at scale. These are fundamental building blocks for pensions people can trust.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. prize for the first IFA to mention Gordon Brown and stealing from pensions?

  2. What a bunch of hypocrites

    Gordon and his gang spend 13 years destroying the best corporate pensions scheme in the world and then have the nerve to criticise the people trying to put it right!!!!

  3. …and what about selling the gold so cheap?

  4. Philip Netherwood 24th November 2012 at 1:45 pm

    We’d all be better off if politicians spent as much energy sorting out the real pension issues as they did point scoring! Like making it easier & cheaper to transfer small pension pots from old employer schemes to reduce pension admin nightmare, which AE is set to make worse.

  5. And when he was in power he did what?

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