A FORMER pensions minister warned at a talk in Kendal that Millennials must 'not bury their heads in the sand' when it comes to pensions.

Sir Steve Webb a British pensions commentator and former MP spoke candidly and openly about the challenges facing businesses and individuals at the Castle Green talk.

The event was organised by local business Financial Management Bureau (FMB) in conjunction with the Cumbria Chamber of Commerce.

FMB director Ruth Power said: “We were delighted to host Sir Steve Webb, his dry sense of humour and deep understanding of the topic made even the potentially unengaging world of pensions seem interesting.

"There is still a lack of understanding surrounding pensions in particular for small business owners who will be directly impacted by schemes such as auto-enrolment in the coming years. To hear a true expert debunk some of the myths and cut right to the heart of what we need to know was refreshing for all who attended. ”

Sir Steve was the Minister of State for Pensions during the coalition years and now works with Royal London as its director of Policy.

Sir Steve was keen to highlight the importance of pension awareness amongst younger employees.

He said: “Millennials must not bury their heads in the sand when it comes to their future income.

"Those starting work now will find retirement very different from their grandparents. Good advice is crucial as gold plated pensions and jobs for life are a thing of the past.”