Steve Webb to release rap album in bid to boost savings

Pensions minister Steve Webb is to release a rap album in an effort to encourage workplace saving and boost awareness of the pensions changes announced in the Budget.

Webb, who previously penned a rap used by the Department for Work and Pensions (DWP) in an ad campaign, will release a double album of hip hop classics which he has reworked to include references to auto-enrolment, the new charge cap and planned reforms for the at-retirement market.

The album, provisionally entitled ‘Pop a cap on it’, will be distributed for free to small and medium-sized employers who are set to stage for auto-enrolment over 2014 and 2015.

The DWP hopes employers will ‘pump out the beats at an ear-splitting volume’ in a bid to educate their workers about the importance of saving for retirement.

It is understood that Webb originally planned to release the album last year, but it was delayed after heavy lobbying from the hip hop community over fears it would ‘irrevocably damage the credibility of all concerned’.

Otto Thoresen, director general of the Association of British Insurers, said: ‘We welcome this move for the awareness and education it will bring. Steve’s flow has always been considered pretty sick, his lyrics are dope and we expect the beats will be banging.’

‘Frankly any news which does not involve billions being wiped off insurers’ share prices is a breath of fresh air from our point of view.’

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