This website was established while I was a Member of Parliament. The site content is being kept online as a source of information, but all forms / email have been disabled.

25 October 2005

Government failing to prevent pensions crisis – Barrett

John Barrett, Liberal Democrat MP for Edinburgh West, today slammed the Government over new figures showing that over half of the working age population across Edinburgh (56%) are now relying on their partners or the state to provide for them in retirement.

New figures indicate that across Edinburgh, 164,000 people are making no occupational or personal pension contributions. This is an increase on the same figure in 1997 when Labour came to power.

John Barrett said:

“Every week, I meet constituents who have worked all their lives who do not know what will happen to them when they retire.

" This level of under-saving could prove very significant in future years as people become aware of how much they have to survive on in their retirement. Survey after survey shows that people overestimate the level of income they will have in retirement and underestimate how long they will live for.

“What is most disturbing is that the trend is worsening and the Government, rather than tackle the challenge face on are making things worse.

“The Government have said they are waiting for the Pension Commission to report at the end of November. But come December they must join the growing consensus that the only long term solution is a Citizen’s Pension uprated in line with earnings and set at a level which would put an end to the degrading means-testing of the current system.”

 

Notes

The figures adapt working age population figures from the Office of National Statistics from December 2004 to estimate the level of under-saving at a constituency level.

Opportunity for All is available at:

http://www.dwp.gov.uk/mediacentre/pressreleases/2005/oct/ofa7.PDF

 

parliamentary constituency 2005 revision working age men working age women all of working age
  total number number not saving in non-state pension total number number not saving in non-state pension total number number not saving in non-state pension
Edinburgh East BC 25,400 13,208 28,400 17,040 53,800 30,248
Edinburgh North and Leith BC 33,100 17,212 32,900 19,740 66,000 36,952
Edinburgh South BC 30,000 15,600 27,400 16,440 57,400 32,040
Edinburgh South West BC 31,700 16,484 27,500 16,500 59,200 32,984
Edinburgh West BC 28,500 14,820 28,700 17,220 57,200 32,040

 

Related items

Keywords:
pensions

Click on a keyword to find other pages with the same keyword.

This website was established while I was a Member of Parliament. The site content is being kept online as a source of information, but all forms / email have been disabled.