Personal savings policies 'must restore confidence'

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Personal savings policies 'must restore confidence'

Mon 7th Jun 2010

It is important that the government restores the confidence of the public with its personal savings policies, says Save Our Savers.

Reverend John Strain, spokesperson for the organisation, made his comments regarding the review set to be carried out of the Nest system by new pensions minister Steve Webb.

He explained Save Our Savers is in favour of the move, since some of the lowest income workers may not benefit from being auto-enrolled and Nest could become a "mis-selling scandal".

Revd Strain remarked: "We share the many concerns that it will in fact be to their detriment, as their rewards from saving may well be outweighed by the loss of means tested benefits available to them."

In his view, saving plays a vital role in rebuilding the UK economy and for that reason savers should be encouraged to put money aside with the help of government policies.

Last month, he highlighted how some of the banks that received bailout money from the state are now posting profits such as Lloyds Banking Group.

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