Peter
Viggers, MP for the Gosport constituency, again highlighted
problems in the pensions industry as he spoke in a debate
in Parliament.
In
his speech, he expressed his concerns that people now in
their 30s and 40s might not have the same security in retirement
as previous generations, and pointed to the shortfall in
the funding of the pensions industry as the cause of the
crisis.
Peter
said, “There are a number of actions that I believe
are necessary to address the problems we are now experiencing
in the pensions industry. First, I agree that there should
be a new earnings-related provision and I would not rule
out the national pensions savings system. I suspect that
such a system might well change its spots and evolve into
something very different with time, so it deserves study.
Secondly, the state pension must be reformed, with a consequent
reduction in means-testing. Thirdly, everyone, including
the Chancellor of the Exchequer, must accept that public
expenditure on pensions will need to rise. Fourthly, the
pension age must be addressed.
“We
need to face up to our problems. We need to be frank and
open about the numbers and the problems, and I submit that
Ministers have not always done so. We must encourage informed
debate. That is the democratic way.” |
