Pensions Commission seeks to meet the challenge
www.moneynews.co.uk > Pensions > Pensions Commission seeks to meet the challenge
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Money News |
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Pensions Commission seeks to meet the challenge
Fri 4th Mar 2005
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Jeannie Drake of the Pensions Commission will outline the report's findings at the Court Room in the National Museum for Wales.
The commission has investigated the major pensions challenges facing the country and will make recommendations to the government in autumn 2005 on future pensions policy.
Speaking ahead of the event Jeannie Drake said: "Society needs to face up to the pensions challenge to avoid a crisis in our pension system in 15-20 years' time.
"There are really only three ways forward to avoid pensioners getting poorer relative to society. People will have to either work for longer, save more for retirement or pay higher taxes devoted to pensions. The best solution will involve some mix of these three options."
Ms Drake said it was vital to achieve consensus on the best solution for society, adding that the launch event was an essential part of the public consultation process, A2Gay reports.
Average pensioner income in Wales is already more than 10 per cent below that of the UK as a whole. In 2002/03 gross income for pensioner couples in Wales was £337, compared to £387 for the whole of the UK.
Related News : Pensions |
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