UK Government ministers Amber Rudd MP and Alun Cairns MP visited Peter’s Pies factory in Bedwas on Thursday, April 4, to launch a new app to help workers with their pension.
During the visit, Ms Rudd, Secretary of State for Work and Pensions, spoke to workers and management about a new pensions ‘dashboard’ app set to be launched by the Department for Work and Pensions (DWP).
Former Home Secretary Ms Rudd told Caerphilly Observer: “I think it’ll help Peter’s Pies workers because they’ll be able to see what they’ve saved and what it means for them in their retirement.
“A lot of people who save for pensions feel they’ve put money away and they’re never quite sure what that’s going to mean to them when they do retire, and the pensions dashboard is really clear, so when they bring it up they’ll be able to see that by saving X amount per month, they can expect to have Y amount per month when they retire.
“It’s that visibility and transparency that I think will make a huge difference to people’s confidence in saving.”
The new pensions dashboards are set to be developed by pension companies, with many companies expected to release their own versions of the app later this year.
Secretary of State for Wales, Mr Cairns, told Caerphilly Observer: “I’m hugely impressed by the excellent relationship between workers, owners and unions here and I’m impressed with the great working flexibility and innovation in the kitchen, with exciting products for demanding customers.
“Employment and management here all want an end to the Brexit process so companies like Peter’s Pies can continue their innovation.”
Peter’s Managing Director Mike Grimwood said: “I think the tough thing with pensions is it’s hard to know what’s going on. Finding out what your pension is going to be is hard.
“People then don’t think about it and don’t save for retirement, so any information that helps people has to be a good thing.”
Mr Grimwood added: “This visit is great for the staff who do the real work to meet important government figures and hopefully they’ll now be able to think more clearly about pensions because of today’s visit.
“I was proud to show Amber Rudd and Alun Cairns around and I hope that they will think of us as a good example.”
Graduate Development Chef Matthew Friswell, 23, spoke with the ministers and showed them his skills in the kitchen.
Mr Friswell said: “I started a pension when I was about 16 or 17 and I’m interested in these topics because they have a big effect on my future.”
Peter’s Pies, which employs more than 700 people, moved to its current site in Bedwas in 1976 and produces more than three million pasties each week.