Gregg McClymont MP, Labour’s Shadow Pensions Minister, responding to IFS research on living standards for people born between 1940 and 1979, said:

“This worrying report from the IFS highlights the urgent need for the Government to do far more to make the pensions system fairer for millions of people who are facing a cost-of-living crisis.

“Labour is calling for reform to help people to save, restore trust in private pensions and make the broken pensions market work again. That’s why we have pushed hard for amendments to the Pensions Bill to put the interests of savers first, with full transparency on all costs and charges and more effective competition in the annuities market to tackle ‘rip off’ pensions.”