Minister pushes "pension health check-ups"
25 February 2004
The pensions minister Malcolm Wicks has revealed that the one millionth "combined pension forecast" has been issued.
Produced by the Department for Work and Pensions in partnership with employers and pension providers, they offer savers an individually tailored picture of their future pension prospects, with a forecast of what their income will be when they retire.
Mr Wicks explained that they were designed to deliver a wake-up call to people and help them make better decisions about saving for retirement.
"People are living longer than ever before, so the idea of a 'pension health check-up' is increasingly important," he stated.
"As many people will have retirements lasting twenty or more years, it is vital they have accessible tools at their disposal to make the right decisions about their future."
He added that the combined pension forecasts are free to employers and pension providers.
Mr Wicks concluded: "This kind of personalised information helps people see what income they can expect in the years to come. It may even come as quite a shock, but if it means people take saving for their retirement more seriously, that can only be a good thing."