UNISON, the UK’s largest union, said that today’s Office of National Statistics pensions trends survey* revealed that not enough people are saving for their later years – storing up a huge benefits timebomb for the taxpayer. The survey shows that the real pensions crisis is in the private sector – where membership of schemes has fallen sharply in the last decade.
Dave Prentis, UNISON General Secretary, said:
“This survey shows just how few private sector workers are saving for their retirement. But for top bosses in the private sector, it is a different story. They award themselves generous pensions with low retirement ages, but shut their schemes to staff – leaving them facing poverty in their later years, with the only lifeline – means tested benefits.
“Even though this will cost taxpayers billions, it is used to attack pensions rights in the public sector. These pensions commentators come with a health warning. Their efforts to pit public against private sector worker will spark a race to the bottom, with poverty in retirement for all being the ultimate destination.
“What our country really needs is a decent pensions deal for all workers.
“UNISON is campaigning for the pensions rights of people in the public and private sector – all workers should be able to save for dignity in their retirement.”
UNISON is balloting more than 1.1 million members across the country for industrial action over government ministers’
unnecessary plans to make them work longer, pay more and get less in their retirement.
*Survey by the ONS available here