Pensions reform after the election: can consensus be maintained?

Document type
Other
Corporate author(s)
International Longevity Centre - UK
Publisher
International Longevity Centre - UK
Date of publication
1 September 2010
Subject(s)
Older Adults
Collection
Social welfare
Material type
Reports

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This note summarises a public debate on pensions reform after the 2010 election hosted by ILC-UK and the Actuarial Profession on 15 June 2010. A series of reforms to the UK pensions system are being implemented. For instance, the female state pension age is rising, the number of NICs qualifying years needed for a full basic state pension has been reduced, and the State Second Pension is becoming more flat-rate. In the future state pension age will rise to 68 for men and women . The debate centered on the following questions:

  • What is the right balance between universal and means-tested support in
    pensioner benefits?
  • Is the restoration of the earnings link safe?
  • Should the state pension age rise further and faster?
  • How can the consensus around NEST be maintained?
  • Will greater flexibility in pensions schemes incentivise saving?
  • Should tax relief on pension contributions be reformed?
  • How can the annuities market be shaped to enable more choice for
    individuals?