Age Concern's response to the Scottish Widows pensions report

Tuesday 27 June, 2006

In response to the 2006 Scottish Widows Pensions Report, Age Concern’s Director General, Gordon Lishman, said:

“It comes as no surprise that women and carers are among those most likely to be under-saving for retirement. The current pensions system compounds the inequality that women experience in the workplace and fails to recognise their important role within society as carers.

“Despite high levels of pensioner poverty and a widespread lack of public confidence in the state pension system, millions are still under-saving for retirement. A new national pensions saving scheme (NPSS) could be a good way to help people without access to a decent occupational pension, including millions of women. But it must make saving pay and be carefully monitored to ensure employees are making the right decisions and are not being pressurised into opting out.

“What’s really important is that people do not put off making important decisions about saving until 2012 when the NPSS begins. Faith in the pensions system must be rebuilt quickly and good quality financial information should be readily available so that people can make informed choices about saving for retirement now.

“The Government must also act swiftly to help the 1.8 million pensioners who are still living in poverty today.”