Britain’s biggest pensioner organisation, the National Pensioners Convention (NPC) has warned that the announcements in today’s Queen’s Speech of radical pension reform are confused and contradictory.
Dot Gibson, NPC general secretary said: “One proposed Bill offers future retirees the chance to cash in their individual pension pots, whilst another claims that all the pots are going to be pooled together.
“Either the government doesn’t realise that this seems contradictory or they don’t know what they’re doing with pensions.
“Whatever the outcome, it is clear that this government has passed the onus for pensions onto the individual by putting more and more risk onto low paid workers who frankly cannot afford to gamble their small savings on pension schemes that still rely on the casino of the stock market.
“Even the government’s new single-tier state pension has turned out to be less generous for most people than was first claimed. Rather than breathing new life into a failing pension system, the government seem to be doing everything to cut off its oxygen supply.”