Some damning data on the state of the pension sector has
been released over the past week.
The number of people in Company Pension
Schemes has fallen to 2.9 million. To put this into perspective, this number was
12.2 million in 1967 and remained above 10m until 2000.
The current figures are the lowest since
records began in 1953.
The most perplexing thing is that HMRC spent £34.9
billion in lost tax revenue by offering tax breaks to encourage participation in
Company Pension Schemes.
There is a pretty simple solution here if anyone at
Westminster has the balls to take this on……take the £34.9 billion and use it to
make an outstanding State Pension for all, taking the onus / cost /
responsibility of staff pensions away from companies.
Just a really simple thought that all at Whitehall are
scared to accept……because they don’t trust themselves to deliver a solution
successfully. Shameful.
If these figures do not give all at Westminster a sharp
jolt into action, nothing will.
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