§ Mr. HealeyTo ask the Secretary of State for Social Security when she will publish the report of the Pensions Education Working Group. [46454]
§ Mr. DenhamLast September, as part of the Governments Pension Review, we commissioned the Pensions Education Working Group Report to look at ways of improving education and awareness of pension issues. Today we are pleased to be publishing their report 'Getting to know about Pensions', copies of which have been placed in the Library.
The Pension Provision Group report, published on 4 June 1998, identified that many people will face an avoidable drop in income in retirement because they do not make adequate provision for themselves over and above the basic State pension. One of the key issues underlying this problem is the lack of financial awareness and good information on pensions.
Today's report provides a clear and concise analysis of the need for improved education and is an important contribution to addressing the challenge, identified in the Pension Provision Group report, to bring about a significant improvement in people's understanding about pensions and the need to make sufficient provision.
The report makes a series of recommendations for action. The Government's response is being considered as part of the pensions review, but action has already been taken to improve the quality of information provided by the Department of Social Security.
We are grateful to members of the Pensions Education Working Group for the time, commitment and expertise they have provided. We are pleased that the Group has agreed to continue to carry forward its work in a number of areas.