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Pensions minister insists that britons are punished for saving
November 3rd, 2010 | Pensions in the News

Steve Webb realized and acknowledged the anger amongst savers who have suffered because of the poor rates of return as he spoke in London where he was in attendance at a pensions conference. This came a few days after the Government announced that it was making changes with regards to the calculations of private sector pensions which would potentially lead to lower payouts in retirement.

Mr. Webb said at the Scottish Widows pension report’s official launch that the older generation are not encouraging their kids and grandchildren to save because they regretted doing it themselves. He also said that those who don’t benefit after spending their lives saving feel tremendous outrage at the way things are. According to Mr. Webb, their anger is what puts others off saving and this is something that needs to be halted. Mr. Webb said that the best way to do this was to ensure that those who saved got their just reward.

Among the people who have suffered a financial hit in retirement include recently retired individuals who have lost out because of poor annuity rates as well as those with money invested in bonds and ISA’s which have seen their rates drop rapidly due to the recession.

The Scottish Widows annual pension report showed that females over 50 have suffered the most. The report stated that 52% of women over 50 were saving enough in 2009 but this has dropped by 14% in 2010. Last year, 22% of women over 50 were not saving for retirement but this has increased by 4% in 2010.

Various financial experts like Laith Khalaf of Hargreaves Lansdown agree with Webb, demanding that the Government up the rate of the basic state pension. Mr Khalaf believes that pension credit is a bad idea because it doesn’t take care of savers whilst encouraging spendthrift behaviour. He also noted that the application form for pension credit is far too long which is why one third of pensioners don’t even apply for it. Mr. Khalaf continued by noting that a higher state pension would be the right solution if there was any money available to fund it. He concluded by stating that he hoped the current government would rectify this situation and thus help pensioners.

At the moment, the basic state pension is £97.65 a week but pension credit can be used to increase it to £132.60 for single pensioners and £202.40 for a couple.

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