The White Paper is a start to addressing the pensions crisis but because its proposals are unlikely to be introduced for six years it does not help poor pensioners today
The Government White Paper, 'Security in Retirement: towards a new pensions system' was published at the end of May, and set out the Government's pensions blueprint for the future. The reforms divide into two groups: changes to the existing state scheme and proposals for a new national pension scheme or personal accounts. With regard to the first group of reforms, the state pension age will rise from 65 to 68 over a phased period between 2024 and 2045. It is proposed that the basic state pension will be increased in line with average earnings as opposed to prices, probably from 2012. Th...
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