Scottish Widows annual pensions report launch

At the launch for the Scottish Widows annual pensions report today, Steve Webb, the minister reponsible for pensions, opened the event by stating
 
 “The worse advocates of pensions and savings are retired people who say to their children and grandchildren: ‘I wish I’d never saved. My neighbours got this and that, while I saved and got none of it’."
 
“There is such a lot of resentment. And the resentment where people who made the effort to save don’t get rewarded is huge. They are the sales force for not saving. We need to tackle that and make sure that people who have savings make themselves better off”
 
The rest if the speech then went on to concentrate on the need to increase the basic state pension to bring it above the level where benefits are paid, autoenrollment into pensions and a competitive open market for annuties.
 
The elephant in the room though was the root cause of Mr Webb’s opening statement. At no point was there a discussion about the appalling returns that people have experianced put forward.