Stunell challenges Government for failing to prevent pensions crisis
October 19, 2005 11:29 AM
Local MP, Andrew Stunell, today slammed the Government over new figures showing that pension saving has fallen since 1997. Now more than half of the working age population (56%) are relying on their partners or the state to provide for them in retirement.
Hazel Grove MP, Andrew Stunell said:
"These figures are extremely worrying. They indicate that across Stockport, almost 90,000 people are making no pension contributions.
"With the withering of the state pension and the spread of means-testing, people are no longer clear if it is worth their while saving or not. And with the growth in personal debt and the struggle to get on the housing ladder, pension saving inevitably takes on a low priority.
"I am concerned that people will suffer as they become aware of how much they have to survive on in their retirement. Survey after survey shows that people overestimate the level of income they will have in retirement and underestimate how long they will live for.
"The Government has ignored the growing pensions crisis for too long, and the situation is getting worse. We need a Citizen's Pension uprated in line with earnings and set at a level which would put an end to means-testing." ENDS
Notes to editors
1. The figures adapt working age population figures from the Office of National Statistics from December 2004 to estimate the level of under-saving at a borough wide level.
2. Opportunity for All was published on 17th October and is available at http://www.dwp.gov.uk/mediacentre/pressreleases/2005/oct/ofa7.PDF
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