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Welfare Reform on the Web (April 2009): Pensions - UK

The 'new' paternalism, consultation and consent: expectations of UK participants in defined contribution and self-directed retirement savings schemes

G. L. Clark and J. Knox-Hayes

Pensions: An International Journal, Vol. 14, 2009, pp.58-74

This article looks at the lessons to be learned from the use of automatic enrolment, target-date and relative investment strategies to improve individual financial planning. It looks at the expectations of UK residents who have a defined contribution or personal pension. The participants who wanted to be consulted about their pension tended to be older, had higher incomes and recognised the importance of retirement saving schemes for their long term wellbeing.

Pensioners to get budget tax break on savings

J. Kirkup and M. Butterworth

Daily Telegraph, Mar. 11th 2009, p. 8

In order to compensate pensioners for near zero interest rates on their savings, Gordon Brown has suggested that the limits on tax-free Individual Savings Accounts might be raised in the budget.

UK must justify retirement at 65

M. Beckford

Daily Telegraph, Mar. 6th 2009, p. 2

The European Court of Justice has said, in ruling on a case brought by Age Concern against the Department for Business, Enterprise and Regulatory Reform, that the government must prove why forced retirement ages are needed, and those reasons must be based on social and labour market needs, not the interests of employers. Age Concern feels it has a very good chance of proving in the British courts that the compulsory retirement age of 65 imposed by the Employment Equality (Age) Regulations 2006 is discriminatory.

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