Nov 21 2008
The government must take steps to show workers the importance of saving for retirement, a government minister has said.
Speaking at an industry gathering, Rosie Winterton, a minister of state at the Department for Work and Pensions, said that the Labour administration has taken action to ease the administrative and financial burden on pension schemes, but added that it is vital for consumers to be reminded of the importance of saving.
She said: "I will be asking experts across the pensions industry to consider how together we can best reach out to consumers to talk to them in a sensible and helpful way about their pension and about pension saving."
Ms Winterton added that workers need to be confronted with a united message that pension saving is for the long-term and is one of the best ways of providing for retirement.
Figures released recently by Prudential revealed that 18 per cent of people questioned had reduced the amount of money they put into an occupational or private pension as a result of ongoing economic problems.
