Last week’s Money Marketing interview with pensions minister Angela Eagle was typical of a Government blaming everyone else for the trouble they are in. Eagle blamed IFAs for the general public’s reluctance to save into a pension and attacked the industry for ignoring low to middle earners.
We suggest the minster looks closer to home. The regulatory regime introduced by New Labour has made it unaffordable to service lower earners. Eagle also failed to mention the stakeholder disaster or the fact this Government has failed over the last 12 years to put together any kind of coherent strategy to improve savings rates. In fact, its botched meddling with the pension system is the main reason people have been turned off saving.