Consumers must be encouraged to save for a pension, minister states

Mon, 24 Nov 2008

The government and the pensions industry must work together to ensure that people save for their retirement, it has been claimed.

According to pensions minister Rosie Winterton, it is vital that people continue to put money away for the future, despite the current economic climate.

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 ."

The government and industry must present a united front and show that pensions saving is one of the best ways of achieving a good retirement income, Ms Winterton added.

Employers must also do more to encourage people to save towards a pension, she stated.

Last week, Legal and General suggested that allowing people to access their pension savings earlier in life might encourage people to put more away for the future.
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