NEW FIGURES SHOW DISTURBING TRENDS IN PENSION PROVISION

Mike Weir MP, SNP Spokesperson on Work and Pensions, has voiced concern about trends in pension provision. Commenting on a report issued by the Office of National Statistics Mr Weir said that the current trends were disturbing.

“At a time when government are encouraging people to make their more provision for their own pensions there has been a drop in the number of people in employer schemes. This does suggest that the recent difficulties with some company schemes has eroded confidence.”

“The fact that there are now more people in final salary schemes that have closed to new members that those that are still open points to a growing disparity amongst future pensioners.”

Mr Weir said it was clear that people would only pay more into private pension provision if the state system was sorted out.

“The present system of means testing works against private provision. A Citizens Pension that gave everyone a decent state pension would provide a solid base for private savings and do much more to address the current crisis”