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15/04/2005
Conservatives pledge to 'simplify' pension rules
The Conservatives have unveiled proposals to “reduce and simplify complex pensions rules” and promised to encourage more firms to provide pension schemes for workers.
Shadow Work and Pensions Secretary David Willetts pledged to cut back on the “mountain of red tape”, which he claimed was “strangling” the pensions industry and arrange for a “massive reduction” in pensions regulations. He told a press conference: "We are inviting key representatives of the pension industry to take the lead in delivering a massive reduction in the volume of these regulations. This isn't about changing the substance of the law. It is about making the law easier to understand."
Mr Willetts said that Labour had introduced “more than a thousand pages” of pensions regulation since they came to power in 1997, but he said that the regulation was “making things worse, not better”.
The Conservatives also pledged to reform state benefits, provide pensioners with “a decent contributory pension”, which would grow in line earnings and reform the issue of contributions in order to give women “a fair deal”.
The party also pledged to abolish the requirement to put an annuity at the age of 75, while strengthening company pension schemes. Mr Willetts said: "There should be no upper limit on pension tax relief provided that all employees of a company pension scheme can join on similar terms - I don't mind fat cats as long as there are fat kittens as well.”
Mr Willetts concluded: "There is no magic bullet that will make the pensions crisis disappear. But there are practical steps that could start to get Britain saving again."
The Liberal Democrats also pledged to improve pensions at their manifesto launch yesterday, promising £100 on the basic state pension for the over 75s and a Citizen’s Pension, which they say would give women a full basic pension by right, not based on contributions.
The Labour government recently introduced the Pension Protection Fund, designed to protect workers from losing their pension in the event of their employers declaring bankruptcy.
(KMcA/GB)
Shadow Work and Pensions Secretary David Willetts pledged to cut back on the “mountain of red tape”, which he claimed was “strangling” the pensions industry and arrange for a “massive reduction” in pensions regulations. He told a press conference: "We are inviting key representatives of the pension industry to take the lead in delivering a massive reduction in the volume of these regulations. This isn't about changing the substance of the law. It is about making the law easier to understand."
Mr Willetts said that Labour had introduced “more than a thousand pages” of pensions regulation since they came to power in 1997, but he said that the regulation was “making things worse, not better”.
The Conservatives also pledged to reform state benefits, provide pensioners with “a decent contributory pension”, which would grow in line earnings and reform the issue of contributions in order to give women “a fair deal”.
The party also pledged to abolish the requirement to put an annuity at the age of 75, while strengthening company pension schemes. Mr Willetts said: "There should be no upper limit on pension tax relief provided that all employees of a company pension scheme can join on similar terms - I don't mind fat cats as long as there are fat kittens as well.”
Mr Willetts concluded: "There is no magic bullet that will make the pensions crisis disappear. But there are practical steps that could start to get Britain saving again."
The Liberal Democrats also pledged to improve pensions at their manifesto launch yesterday, promising £100 on the basic state pension for the over 75s and a Citizen’s Pension, which they say would give women a full basic pension by right, not based on contributions.
The Labour government recently introduced the Pension Protection Fund, designed to protect workers from losing their pension in the event of their employers declaring bankruptcy.
(KMcA/GB)
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20 June 2005
Pensions coalition calls for ‘fair deal’
A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
Pensions coalition calls for ‘fair deal’
A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
25 July 2005
Pension Age 'should rise to 67'
The pension age in the UK should be raised to 67, a report by the Institute for Public Policy Research (IPPR) has suggested.
Pension Age 'should rise to 67'
The pension age in the UK should be raised to 67, a report by the Institute for Public Policy Research (IPPR) has suggested.
29 July 2003
Majority of people have scant knowledge of pensions
Research published today by the Department for Work and Pensions suggests that around half the population has little or no knowledge of pension provision. The research looked at private pension provision among people of working age in Britain and collected information on people's attitudes towards pensions and saving for retirement.
Majority of people have scant knowledge of pensions
Research published today by the Department for Work and Pensions suggests that around half the population has little or no knowledge of pension provision. The research looked at private pension provision among people of working age in Britain and collected information on people's attitudes towards pensions and saving for retirement.
25 May 2006
Retirement age to rise to 68
The state pension age is to rise to 68, under new pension proposals announced by the government today. The government's White Paper on pensions reform said that the state pension age will be increased gradually, rising to 66 between 2024 and 2026, then 67 between 2034 and 2036 and finally 68 between 2044 and 2046.
Retirement age to rise to 68
The state pension age is to rise to 68, under new pension proposals announced by the government today. The government's White Paper on pensions reform said that the state pension age will be increased gradually, rising to 66 between 2024 and 2026, then 67 between 2034 and 2036 and finally 68 between 2044 and 2046.
07 September 2004
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
