Poorest fifth fail to save for retirement

Pension
saving among the poorest fifth of the population has more than halved in less
than 10 years, according to new figures from the Department for Work and
Pensions.

The
data, unearthed by Liberal Democrat pensions spokesman Steve Webb through a
parliamentary question, shows that between 1992 and 1995, 15 per cent of the
poorest fifth of the working age population saved something privately towards a
pension in at least three of those four years.

But
by 1997-2000 the proportion had fallen to 7 per cent.

Webb
said the figures make the case for compulsory employers’ contributions to
pensions.

By
Quentin Reade

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