The
pensions minister has warned young people that the ‘live for now culture’ is
undermining their retirement plans.
Malcolm
Wicks said young people would be in for a shock in retirement unless they start
saving for old age.
He
told a TUC seminar that pensions were about partnership, and although
government and employers had a role to play, individual responsibility was
crucial.
Delegates
at the Young People and Pensions seminar heard how employees must start
switching their spending from leisure activities to pension contributions at a
much younger age.
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Wicks
also outlined the Government’s policy on pensions, with particular emphasis on
the pension credit safety net for the poorest pensioners and the proposed
pension protection fund.
