You are here: Home - Saving & Banking - News -

Government omits pensions in guide to savings

Written by: Paloma Kubiak
A government guide on ways to save money in 2017 has been criticised for failing to mention pensions.

The Treasury and HM Revenue and Customs (HMRC) today published a Ways to Save in 2017 infographic giving consumers tips about how to make their money go further this year.

It mentions products such as the junior ISA, Help to Buy ISA, Lifetime ISA, premium bonds and regular cash and stocks and shares ISAs.

However, there is no mention of pensions or the Help to Save scheme, which is expected by April 2018.

Tom McPhail, head of retirement policy at Hargreaves Lansdown, said: “This is illustrative of the government’s struggle to present a coherent joined-up policy on savings, investments and provision for later life; it’s as if they’ve completely forgotten about pensions and Help to Save.

“The Treasury and the DWP have to be able to show that their respective policies across long-term saving, retirement and the ageing society actually join together in ways that work for ordinary investors.”

On Twitter, Steven Cameron, pensions director at Aegon, said: “If an adviser ignored pensions as a means for saving for retirement they’d be in trouble!

“The Treasury has specifically brought ISAs and pensions closer via LISA and must now present balanced facts.”

Also responding to the leaflet on Twitter, former pensions minister Ros Altmann said: “Horrified that Treasury has just published a guide to educate about saving yet it does not mention pensions at all.

“The idea of such infographics is good, but they need to be accurate and reliable

“This infographic is funded by taxpayers, designed to educate the public but highly misleading.

“HMT shd be ashamed of public info campaign that fails to mention best way to save for later life.”

The Treasury said the infographic gave details about the products available to help people’s money go further in 2017. A similar infographic published last year did include details about saving into a pension because there had been changes to pensions policy.

(This story was updated on 04/01/17 to include new comments.)

There are 1 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Stock of the week: Smurfit Kappa

Graham Spooner, investment research analyst at The Share Centre, picks paper packaging company Smurfit Kappa as stock of the week.