Brits urged to make pension contributions
20.11.2008
The public must be reminded that pension savings and investments are necessary for retirement, according to the Department for Work and Pensions.
Rosie Winterton, the pensions minister, said that experts in the pensions industry must "reach out to consumers to talk to them in a sensible and helpful way about their pension and about pension saving."
She added that until the credit crunch worsened recently, marketing to encourage people to borrow was three times greater than that encouraging people to save.
According to Ms Winterton, the pensions industry needs to work to reinforce that saving for retirement with a policy is the best way for Brits to secure financial stability in the future.
Meanwhile, Ms Winterton's recent reforms to the pensions bill enabling employers to self-certify are expected to reduce costs and deliver flexibility into the way contributions to new private retirement accounts are made.
Rosie Winterton, the pensions minister, said that experts in the pensions industry must "reach out to consumers to talk to them in a sensible and helpful way about their pension and about pension saving."
She added that until the credit crunch worsened recently, marketing to encourage people to borrow was three times greater than that encouraging people to save.
According to Ms Winterton, the pensions industry needs to work to reinforce that saving for retirement with a policy is the best way for Brits to secure financial stability in the future.
Meanwhile, Ms Winterton's recent reforms to the pensions bill enabling employers to self-certify are expected to reduce costs and deliver flexibility into the way contributions to new private retirement accounts are made.