Pensions campaigner Dr Ros Altmann has called for the introduction of a National Wealth Service with free financial advice health checks to keep savers on the right track.
Speaking at The Hartford's Facing Retirement Forum, Altmann urged the government to consider a higher basic state pension, warning the UK is heading for a 'dire pensions crisis' as people shun savings.
Blasting the state pension as 'the worst of any developed country,' as people cannot live on it, she says the current pension "has discredited our wider pensions system."
"To help tackle this situation, we should create a 'National Wealth Service' in a similar vein to the NHS, which would provide financial health checks for everyone every few years," she says.
Altmann also called for the re-naming of private pensions as their original purpose and meaning has been lost over the past hundred years.
She believes re-branding them as 'lifetime savings accounts' would encourage individuals to save for their future.
Speaking at the event, the panel, which also included annuities specialist Billy Burrows and industry commentator Ian McKenna, addressed more then 60 industry representatives, including the Treasury, FSA and AIFA.
A video of the event is available at: https://www.thehartford.co.uk/facingretirementforum/index.html
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