Shadow pensions minister: "It's all about flexible retirement"

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Shadow pensions minister: "It's all about flexible retirement"

Thu 5th Feb 2009

The shadow pensions minister has spoken out about the need for pensions in the UK to be made more flexible.

Speaking at a conference organised entitled The Death of Retirement, the Conservative party's pensions spokesman, Nigel Waterstone MP, said: "It's all about flexible retirement."

Mr Waterstone praised the US model of pensions provision and the flexible options available to Americans.

He added: "The US is ahead of the UK. With a 401k [a US-style pension package] you can draw down more and in more ways. As a result, people save more, but they don't always draw down."

A fellow delegate at the conference, director of the think-tank Reform Andrew Haldenby, said that the government needed to do more to encourage people to take control of their retirement and be more active.

Recently, the government announced plans for a major reform of pensions. They require all employers to offer their workers a pension scheme, in order to ensure that people are provided for in their old age.

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