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07-Jan-08 10:10 [Pensions]
Hain tells individuals to take responsibility over pensions The secretary for work and pensions, Peter Hain, has said that individuals must take personal responsibility and save for retirement in order to avoid a pensions crisis in the future.
Mr Hain claimed that if the issue is not tackled soon the country could be facing a "nightmare" by 2050, reports the Independent.
"One hundred years ago, few people lived long enough to collect a state pension – on average, men only survived to age 49 and women to 53. Today, one in four babies is expected to live to 100. People are living longer, are more active and expect to be able to enjoy the type of lifestyle in retirement they had while working," said Mr Hain.
He added that although three quarters of people say that they will need more than a state pension to live on, "only around four in ten working-age people are saving into a pension".
Mr Hain was talking before a reading of the Pensions Bill 2007 which has been described as having a "structural flaw" by several people including Chris Grayling, the Conservative party pension spokesman, according to the Financial Times.
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