Hain hails "huge" pension reform plans
Peter Hain, secretary of state for work and pensions, has hailed the reforms proposed in a new pensions bill as pointing the way to "huge social change" in the UK.
Mr Hain is convinced that if the proposals contained within the bill become law then there will be millions more people around the country saving for retirement from 2012.
Under the terms of the government's plans, anyone earning more than £5,000 per year and aged over 22 will be "auto-enrolled" on to an occupational pension scheme that will be contributed to by their employer.
"It's good news that people are living longer, healthier lives - but unless people plan and save they could find themselves with less income in retirement than they'd want," said the secretary of state.
"Between six and nine million people will be newly saving in a workplace pension or saving more as a result of these reforms," he added.
Close to half of all British adults believe that will need an annual income of £25,000 in later life to secure a comfortable retirement.
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