Age Concern's response to the CBI's comments that Turner's plans for a National Pensions Savings Scheme (NPSS) may harm small firms

20 February 2006

Gordon Lishman, Age Concern’s Director-General, said:

“The savings gap is too large for consumers to fill by themselves. They must receive the help they need from the Government and from their employer.

“The public will only support bold reforms if they are fair and everyone is seen to be playing their role. If people are going to work longer, they will want to see employers making a bigger contribution and pension industry taking a smaller cut of their savings in fees and charges.

“Lord Turner’s proposals stand or fall as a package. We believe the NPSS is a vital component of the reform package which will provide people with a new private saving option better than any of the alternatives currently available to them.”