Pensions Choices Must Be Made
October 16, 2004 12:22 PM
The Liberal Democrats have welcomed the publication of the Turner report on pensions.
P.P.C. Richard Allanach
"This report provides a challenge to all the political parties" said Richard Allanach, the Liberal Democrats' prospective parliamentary candidate for Rugby & Kenilworth. "Do we spend the next general election arguing over whether there should be five pence more or less tax on a packet of cigarettes or do we use the election to debate the major issues of the day like the impact of rising life expectancy revealed in the Turner Report."
Mr Allanach said that their recent party conference in Bournemouth the Liberal Democrats had debated the looming pensions crisis. "I believe our policies are the beginnings of a solution to the problems Turner identifies.
Turner highlights how many older pensioners are living in poverty and not claiming the benefits that are due to them - we would use savings from the scrapping of the Department of Trade and Industry and of the Office of the Deputy Prime Minister to fund a pension increase of £25 a week for 75 year olds that would lift them out of means tested benefits.
Turner highlights how many people are not saving enough towards their pensions - under Lib Dem proposals people would have to opt out of occupational pensions and would not have to opt in as at present. We would also create a new personal pension scheme with a very low administration cost through National Savings & Investments.
Turner suggests we all ought to be working longer - under Lib Dem proposals compulsory retirement ages would be scrapped and people would be able to draw part of their pension and still work part time if they wanted to. These measures would help people who wanted to work longer."
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