Government Pensions Policy in Meltdown - Oakeshott
4.17.37pm BST (GMT +0100) Wed 6th Aug 2003
Two independent surveys published today by leading actuaries and accountants prove Government pensions policy is in meltdown, says Liberal Democrat Pensions Policy Spokesman Lord (Matthew) Oakeshott.
The actuaries Lane, Clark and Peacock warn that the pension fund deficits of the FTSE 100 companies have risen to £55 billion. Research from accountants KPMG shows that 44% of British workers do not save for a pension at all including two thirds of all 18 to 30 year olds in work.
Lord Oakeshott said:
"We face a collapse of confidence in saving for private pensions. This is doubly damaging for millions who will be forced to fall back on Britain's shameful basic state pension, the worst in Western Europe."
"Gordon Brown must rescue pensioners trapped in his maze of means tests by raising the basic pension, with special help for the over 75s: £10.00 a week extra for a single person and £18.00 for a couple."
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