How does the Labour party propose to tackle the UKs pension problems?
The Labour government has just completed an overhaul of UK pensions. Under the recent Pensions Act, people who choose to delay their retirement can receive a boost to their state pension when they eventually decide to call time on their working lives. The big idea is to encourage a more flexible approach to retirement, with those who want to remain in work beyond 65 being allowed to do so. At the same time, controversially, the government has said it wants to increase the retirement age for public sector workers from 60 to 65. In a bid to tackle the failing workplace pension system the government has set up the pension protection fund (PPF). A pension scheme can resort to the PPF if it does not have enough money to pay its members’ pensions. MG Rover workers maybe amongst the first to benefit from it. For today’s pensioners, the government has introduced the pension credit to boost the incomes of the UK’s poorest pensioners, and announced a 200 council tax rebate this year. What about
