What would Thomas Attwood think of our Pensions Act?
In April 1833, Thomas Attwood spoke in a parliamentary debate opposing a proposition to ‘enable and induce’ the labouring classes to invest their joint money in the public funds.
Such a proceeding on their part, would, in his opinion, be highly dangerous . . . and, he would, therefore, not give his countenance to a manœuvre which would induce the lower classes to place the savings of their industry on a precarious footing.
The Pensions Act 2008: savings will be placed on an even more precarious footing – in the stock market
In November 2008 the Pensions Act 2008 introduced measures aimed at encouraging greater private saving in a National Employment Savings Trust [NEST]. The Pensions Act 2008, comes into effect in 2012 and will, for the first time, place a legal duty on employers to enrol all eligible employees automatically into a pension scheme and contribute towards their retirement
The Pensions Minister, Steve Webb, said that the Government would offer no guarantee as to the value of the funds: “I can’t think of a government anywhere in the world that guarantees against stock-market fluctuations.”