Peter Simpson, former marketing director and pioneer of high quality customer services in banking, reacts to last week’s pension revelations and explains why he is backing the over 50s in his new venture.

“Every 40 seconds another person in the UK turns 50. In the current economic conditions, it is often the over 50s, approaching or already in retirement, that are hit hardest by falling interest rates and stock market threats to pensions.

“This week is has been reported that Britain’s state pensions are the lowest in the developed world, with the average pension a mere third of the average income of workers. In a country that prides itself on taking care of our elders and having a generous, and often misgiving, benefits system, it seems that the over 50s are again missing out.

“It is a great pity that pensioners seem to be getting a raw deal, but I think there is also the issue that benefits they are entitled to are not well enough publicised. We like to think that as a country we look after our elders, but there is not enough being done to actually ensure they know where to find the benefits they deserve.

“This is why I’m investing time and money into a new venture, a free, one-stop, online, consumer service. At OscarUK, we estimate that by signing up for free membership and taking advantage of a wide range of offers and benefits open to the over 50s, they could collectively be saving a staggering £25 billion yearly.

“OscarUK will provide a central online database of discounts, concessions and information dedicated to the over 50’s in a wide range of areas, including holidays, days out, eating out, transport and finance. We aim to bring together essential information for the over 50s in one place, so it is easy for older people of varying web knowledge to take advantage of everything available to them.

“This week’s story is saddening but doesn’t surprise me. It is this type of culture and attitude that OscarUK was born from and aims to combat.”