UK Money News
9th July 2008
Pension changes 'put onus on consumers'
Changing conditions in the field of pension provision means that consumers cannot necessarily expect a comfortable retirement, it has been claimed.
According to Scottish Widows, the government's moves to shake up the sector mean that the onus is increasingly on consumers to save for their retirement.
Stuart Naismith, head of pensions at the firm, said: "These days we can't rely on the government to provide us with a good standard of living; they'll provide the real basics."
Mr Naismith also noted that the impetus to take a proactive approach to saving has become more important in view of changes to workplace pensions.
"Employers are doing less than they ever have in the past, improvising pensions for their staff and if we're not doing something for ourselves, or at least making sure that someone is doing something for us, then we will get to retirement and find that we have a very sharp drop in our standard of living."
Scottish Widows' Pensions Survey for 2007 found that 49 per cent of the nation is not saving adequately for retirement.
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