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Welfare Reform on the Web (December 2002): Pensions - UK

BOOST LIKELY FOR WORKERS WANTING TO CARRY ON PAST PENSIONABLE AGE

K. Guha and N Timmins

Financial Times, October 2nd 2002, p. 1

People will be able to stay on at work after retirement age while drawing a company pension under reforms outlined by Andrew Smith, Work and Pensions Secretary.

PLAN FOR £14BN PENSIONS 'TILT'

M. White

The Guardian, October 21st 2002, p. 5

Ministers are preparing for an attempt to tilt £14bn worth of tax breaks given each year to occupational pension funds away from the better-off and towards people on low and middle incomes.

(See also The Financial Times, October 21st 2002, p. 2)

REVENUE PRESSED OVER "MONEY BACK" PENSIONS'

N Timmins and P Skypala

Financial Times, Oct. 16th 2002, p. 2

Reports on Inland Revenue resistance to plans to allow people to purchase a "money back guarantee" on their pension annuity. Under this scheme, people would take a lower income for life when they purchase their annuity. In return, they would be able to ensure that any capital not paid out would go into their estate on their death.

(See also Financial Times, Oct. 17th 2002, p. 6)

'STAY ON TO 70' CALL GROWS

J. Treanor

The Guardian, October 7th 2002, p. 21

The Government will be urged today to raise the state retirement age to 70 in order to ease the pensions crisis. The recommendation is by the National Association of Pension funds, which represents 90% of people in occupational schemes.

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