The Pensions and Lifetime Savings Association (PLSA) has responded to the Department for Work and Pensions (DWP) proposed new timetable for the State Pension age, which will now increase to 68 between 2037 and 2039.
Graham Vidler, Director of External Affairs, Pensions and Lifetime Savings Association, said:
“This proposal will affect more than 7 million people in their late 30s and 40s – the sandwich generation. This group are also those most at risk of inadequate private saving – they have not had the same access to final salary pension schemes as their parents and are too old to enjoy the full benefits of automatic enrolment that their children will see.
“We call on the Government to follow up on one of Cridland’s other recommendations and provide access to ‘Midlife Financial MOTs’. This will help those people who need to work longer before they receive their state pension to make smarter financial choices to boost their savings.”
NOTES TO EDITORS:
ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
Lee Blackwell, Head of Media & PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073 023, E: firstname.lastname@example.org
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007713, E: email@example.com