£1 trillion pension burden strengthens case for improved state provision - Webb
"More and more workers will find themselves facing means-testing in old age," said the Liberal Democrat Shadow Work and Pensions Secretary. Commenting on today’s figures from the Pension Protection Fund showing that the liabilities faced by defined benefit pension schemes have topped £1trillion for the first time, Steve Webb said:
“The soaring cost of company pension schemes means that firms are increasingly struggling to keep them going.
“With public sector pensions likely to be reined back along with their private sector counterparts, more and more workers will find themselves facing means-testing in old age.
“If the Government really wants to give people dignity and security in old age, it should guarantee a more generous basic state pension to ensure that people have a firm foundation on which to save for retirement.”
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