Rachel Reeves MP, Labour’s Shadow Pensions Minister, welcoming today’s report by the Workplace Retirement Income Commission, said:
“The Tory-led Government has repeatedly ignored many of the issues raised in this excellent report during the progression of the Pensions Bill.
“In fact, the Government is making it more difficult for hard working people to save for the future by cutting too far and too fast. The Tory-led Government's decision to increase the State Pension Age, change auto-enrolment rules, and switch from the use of the Retail Price Index to the Consumer Price Index for the inflation measure used in uprating pensions are all making it harder to save for retirement.
“On top of the VAT hike, these changes mean that pensioners and families will be worse off and they will have a damaging long-term impact on private pensions.”