Pensions  

Public confidence in pensions needed: MP

Public confidence in pensions needed: MP

It is crucial that the public has confidence in pensions, the chairman of the work and pensions committee has said.

Labour MP Dame Anne Begg said her committee would be publishing a full report on some of the issues surrounding pensions in the next month.

She said: “Millions more people will be enrolled into workplace pensions as a result of automatic enrolment, and they will have more options about how they use their pension savings as a result of the new pension freedoms.”

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She added: “It is important that the public has confidence in pensions, as retirement saving grows.”

Dame Begg said the work and pensions committee was set to publish a detailed report on the various issues surrounding pensions in March, ahead of the incoming pension changes.

To date, according to data from the DWP, more than 5m people have been auto-enrolled into a workplace pension scheme.

Adviser view

Tom Dean, an adviser with London-based Plutus Wealth Management, said: “I think it is important that people have confidence in pensions but I don’t think it is the legislators’ fault if people do not.

“Pensions as a financial wrapper are very attractive, and they are now very flexible, but the main problem is with the way the mainstream press reports on them. I think there is a public perception issue.”