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04/04/2006
Lord Turner defends pensions reforms
Lord Turner has defended the proposed pension reforms in the Pensions Commission final report.
Lord Turner, who chaired the commission, said that the state pension should be made more generous and less means tested.
Regarding private pensions, Lord Turner said that there was "almost universal support" for automatic enrolment as a means to encourage individuals to save.
The Pension Commission chairman also said that there was "considerable support" for a level of "contingent employer" compulsion although he admitted that business organisations had raised legitimate concerns about the costs of this for small businesses.
The Pensions Commission have also proposed an increase in the state pension age, from 65 to 68 by 2050.
Lord Turner said: "The government now faces the difficult challenge of deciding how far and how fast it can move towards the reform of the state pension system we proposed, in the light of other claims on public expenditure."
Chancellor Gordon Brown said that the government agreed with 90 - 95% of Lord Turner's reforms. He also denied reports of a rift with Prime Minister Tony Blair over the proposals.
Commenting on the report, Shadow Work and Pensions Secretary Philip Hammond said: "The government said in December that they were keen to have a cross party debate about pension reform and we are disappointed that there has been no serious attempt to form a consensus.
"We believe that the direction of Lord Turner's proposals is broadly correct. Finding an alternative to pensioner means testing must be a priority for reform."
Liberal Democrat work and pensions spokesperson David Laws said: "Lord Turner's report confirms that there is a very broad national consensus for reforming Britain's pensions system and for a dramatic move away from reliance on means testing.
"The Liberal Democrats support Lord Turner's key conclusions and we propose a universal Citizens' Pension linked to earnings that would protect every pensioner from poverty."
The government is due to respond to the Commission's report in a White Paper, which is due to be published in the spring.
(KMcA)
Lord Turner, who chaired the commission, said that the state pension should be made more generous and less means tested.
Regarding private pensions, Lord Turner said that there was "almost universal support" for automatic enrolment as a means to encourage individuals to save.
The Pension Commission chairman also said that there was "considerable support" for a level of "contingent employer" compulsion although he admitted that business organisations had raised legitimate concerns about the costs of this for small businesses.
The Pensions Commission have also proposed an increase in the state pension age, from 65 to 68 by 2050.
Lord Turner said: "The government now faces the difficult challenge of deciding how far and how fast it can move towards the reform of the state pension system we proposed, in the light of other claims on public expenditure."
Chancellor Gordon Brown said that the government agreed with 90 - 95% of Lord Turner's reforms. He also denied reports of a rift with Prime Minister Tony Blair over the proposals.
Commenting on the report, Shadow Work and Pensions Secretary Philip Hammond said: "The government said in December that they were keen to have a cross party debate about pension reform and we are disappointed that there has been no serious attempt to form a consensus.
"We believe that the direction of Lord Turner's proposals is broadly correct. Finding an alternative to pensioner means testing must be a priority for reform."
Liberal Democrat work and pensions spokesperson David Laws said: "Lord Turner's report confirms that there is a very broad national consensus for reforming Britain's pensions system and for a dramatic move away from reliance on means testing.
"The Liberal Democrats support Lord Turner's key conclusions and we propose a universal Citizens' Pension linked to earnings that would protect every pensioner from poverty."
The government is due to respond to the Commission's report in a White Paper, which is due to be published in the spring.
(KMcA)
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