§ 36. Mrs. BrintonTo ask the Secretary of State for Social Security if she will make a statement about her proposals to reform pensions. [14667]
§ Mr. DenhamThe pensions review, announced by my right hon. Friend the Secretary of State on 17 July, is looking at the central areas of insecurity for elderly people, including all aspects of the basic pension and its value. A key objective of the review is to ensure that pensioners should have an adequate income in retirement, that they should share fairly in rising national prosperity, and that public finances should be both sustainable and affordable.
The first part of the review ended on 31 October and we are now carefully considering the many responses we have received. The Government intend to publish an initial framework for change in the first half of 1998. There will then be a period of further consultation before firm proposals are developed.
§ Mr. HansonTo ask the Secretary of State for Social Security if she will make a statement on the role of the pensions education and awareness working group. [14650]
§ Mr. DenhamRaising awareness of pensions, and improving the level of financial education is one of the key challenges for the pensions review. People need to understand the importance of saving for their retirement, and they must be able to make the right choice about what sort of pension is best for them.
That is why we established a working group of top finance, consumer and regulatory experts to consider how we can ensure that existing initiatives are co-ordinated, well-targeted and effective. The group will also advise what other actions are needed to improve people's knowledge of pensions in general. It will report at the end of January.