DWP launches pensions initiative

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DWP launches pensions initiative

Wed 8th Jun 2005

The Department for Work and Pensions (DWP) has launched a campaign aimed at encouraging more people to save money towards their pension.

A new Pensions Education Fund has been set up to give money to not for profit organisations to assist them in working with people to improve their financial awareness.

The fund will reward innovation and creativity on the part of the not for profit organisations, with those coming up with the best ideas awarded the funding.

It forms part of a government drive to engender more cooperation across different sectors on the issue of pensions, with the government, the public sector, voluntary and community groups all brought together.

Stephen Timms, minister of state for pensions, said: "Research shows many people have low levels of understanding when it comes to planning for their retirement. This initiative will provide them with accurate information from a new trusted, impartial source."

"There are still many working people not saving for their future and we want to target hard to reach groups with the least retirement provision, for example the self-employed, women and young people."

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