The Department for Work and Pension (DWP) published the Households Below Average Income figures today, which showed that 2.3 million pensioners lived in relative poverty in 2008/2009. Darren Philp, Director of Policy at the National Association of Pension Funds (NAPF), said:
“Too many people are living in poverty during their old age.
“We are all living longer, and that’s a great achievement. But it raises many questions as to how our society can properly fund retirement.
“It is crucial that we start saving as early as possible if we want to avoid spending our later years in poverty. Even a few pounds regularly set aside into a pension can make a difference.
“But people need to know that it will pay to save and that their hard earned pension savings will not be eroded by means testing. That is why the Government needs to press ahead with its plans to introduce a more generous and simpler State Pension.”
Notes to editors:
1. Darren Philp is available for interview.
2. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.