UK Pension Minister, Steve Webb claims that the UK pensions system does not work and that the current system is holding back the UK's pension scheme.
Webb stated that the “silo” like structure hampers government policy and called for a new department to be formed to deal with the UK pension system.
The Liberal Democrat MP is part of the Department for Work and Pensions (DWP), which manages policy for trust-based pensions whilst the Treasury controls insurance-based pensions.
Reform
Webb, who gives up his position in May at the General Election stated that he wished to transfer pensions policy from the DWP, the Treasury and other groups to a new formed “Department for Pensions and Ageing Society”
Speaking at the event he said: “Seeing the person and not the policy would lead us to think about what happens in retirement based on aspects that affect the outcome,” he said.
“You could look holistically at labour market trends, and social change like divorce – an example where thinking about social change as part of wider pensions and ageing society allows us to see different bits of government in an integrated way.”
He added: “It seems to me, if we can make auto-enrolment work and make sure people have products for retirement, it ought not to be beyond the wit of man to bring care funding into this.
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