Angela Raynor has called for the creation of a retirement system which ensures a "secure retirement regardless of background" in her first major speech since taking on the shadow pensions brief.
Speaking at the International Longevity Centre's conference - The Future of Private Pension Saving - yesterday, the shadow pensions minister talked about how changes to the state scheme needed to be communicated in a much better and straightforward way following the ‘overwhelming' number of changes that have been over the past few years.
She explained: "With regards to the recent WASPI campaign, I think there has been a communication problem - it was not the equalisation which has upset women, but the issue of communication. It undermines the positive changes we have made to pensions such as the single tier pension."
Raynor also said she had mixed views on the triple lock. She said: "I think the triple lock was a good thing but poses challenges of affordability, but it also creates stability which is positive."
The shadow pensions minister also backed the pensions freedoms but said guidance was an issue to address as were the charges around pensions.
And she said change to the current system of pensions tax relief could be welcome - as the current system benefited the well off most and did not encourage saving - but noted change would give rise to challenges.
Raynor, the Labour MP for Ashton-under-Lyne also spoke about auto-enrolment. She said: "We also have to be careful that auto enrolment is sensitive to the financial issues of the low paid. People on low wages may be undermined and we have to keep them in mind."
In the first of a five-part series of articles for PP, pensions minister Guy Opperman sets out how impending legislation will improve pensions for members.
Tim Shepherd and Beth Brown look at the legal implications of working from home and how pension professionals can mitigate the risks.
The Pensions Regulator (TPR) has substantially increased the usage of its powers against trustees – posting a sharp rise in the use of formal information gathering powers and High Court production orders during the three months to the end of September....
The Pension Schemes Bill has completed its third reading, crossing its latest hurdle in the House of Commons.
An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.