AGE CONCERN’S RESPONSE TO AXA’S ‘LIVING ON A STATE PENSION’ REPORT

14 September, 2006

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

“This report is a wake-up call for younger people and a stark insight into life as a cash-strapped pensioner. Unless people start saving for their retirement, the reality of their retirement is likely to fall very short of their expectations.

“The Government’s White Paper on Pensions was a step in the right direction and included some good news for future pensioners. Proposals such as the national pensions savings scheme (NPSS) and a reduction in the number of years needed for a full state pension should help tomorrow’s pensioners boost their pension pot.

“But the Government must not overlook the needs of today’s pensioners. We want it to commit to a higher basic state pension, linked to earnings before 2012, which gives all pensioners enough money to afford a decent standard of living.”