At a Money Marketing Financial Services Summit recently, the Conservative Shadow Trade and Industry Secretary, David Willits, questioned the Governments' determination to take the tough decisions needed to solve the pensions crisis, and pointed to the handling of the MG- Rover shutdown as confirmation.
He said that the Government did not inspire confidence in the ability to handle the crisis surrounding pensions as five years ago they could have opted to slim down the workforce at MG-Rover but decided instead on the 'phoenix four', confirming a pattern of always looking for the easy option rather than making difficult decisions with long term benefits.
He also raised concerns over the role of the Pension Protection Fund, saying that it could have the result of companies coming out of the PPF and competing unfairly with firms still carrying the weight of their pension liabilities.
Our view
Very easy to criticise when you are not in Government. Labour or Tory, we didn't see much of the Tory's solving the pension gap when they were in power either.
We need finance experts who are close to the 'coal face' i.e. plain and simple financial advisers who encourage people every day to take out pensions.