The secretary of state for work and pensions, Peter Hain, has made it clear that pensions should be a responsibility shared by the state, employers and individuals. Hain reportedly commented that as many as 40 per cent of pensions savers could be saving into a private scheme .
The new pensions bill, regarded by many as a timely intervention, automatically enrols employees aged over 22 and earning more then £5,035 into a pension scheme . The bill is regarded as being essential in avoiding future pension problems.
Hain reportedly commented: "With increasing longevity, if we don't tackle the challenge of under-saving, by around 2050 we face the nightmare of a pensions crisis with people of working age struggling to pay for an ageing population."
Pensions bill a timely intervention
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Pensions bill a timely intervention
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1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
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