Commenting on today’s OECD report ‘Pensions at a Glance’, Joanne Segars, Chief Executive of the National Association of Pension Funds, said:
“With lifespans getting longer it’s inevitable that we’ll spend more time at work. The balance between work and retirement has to shift to reflect that.
“But we are concerned that Government plans to raise the state pension age to 66 will move too quickly to give many women in their late 50s the chance to adapt.
“Our society is not saving anywhere near enough for its retirement and is storing up some serious problems.
“Unless people want to rely on one of the worst state pensions in Europe, they are going to have to save more if they want to enjoy a comfortable older age.
“The trade-off for working longer must be a better state pension. It needs to become more generous and a lot simpler. The Government must prioritise its reform.”
The National Association of Pension Funds 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.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]