Does Means Testing Exacerbate Early Retirement?

It is quite clear that the message has gone out to all too many of our constituents that savings can damage their retirement income. We cannot explain the collapse in savings in this country in any other way than by saying that people are being very rational and that about 40 per cent of working people cannot now save to make themselves a penny better off Ñ let alone substantially better off Ñ through forgoing income now and trying to push it into their retirement.