Chris Leslie
Main Page: Chris Leslie (The Independent Group for Change - Nottingham East)Department Debates - View all Chris Leslie's debates with the HM Treasury
(8 years, 2 months ago)
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Simon Kirby
We are looking at an economy that works for everyone, including those pensioners on low incomes. The Treasury will be considering this very carefully, but my hon. Friend will have to wait until the autumn statement to hear how we are best placed to deal with this. However, those people are absolutely at the centre of our attention, and we will do all we can to help.
Chris Leslie (Nottingham East) (Lab/Co-op)
Of course, guarding against mis-selling is important, but does this announcement not represent two new problems? It is a problem, first, for those hundreds of thousands of pensioners who have been marched up the hill only to be marched back down again, and left uncertain about their financial options, but, secondly, for those other generations of potential savers who are baffled by pensions generally and who will find this mixed message—this chopping and changing—on flexibilities even more of a reason to feel sour towards the attractiveness of pensions? We have a savings crisis in this country, and the Government need far more consistency and a clearer policy.
Simon Kirby
None of us wants to see people being baffled, and none of us wants to see uncertainty, but at the end of the day we are surely better off making the right decision, which protects vulnerable consumers, rather than carrying on regardless. The hon. Gentleman is right that we all have a responsibility to educate and inform people throughout their lives about the importance of savings and pensions, and that is something the Government fully intend to continue doing.