Pension reforms 'will lead to winners and losers'
Tuesday, 28 June 2011 04:55
Pension reforms 'will lead to winners and losers'
Government proposals to reform state pensions could lead to debt management problems, as benefits incurred look unlikely to reach everyone, according to the Pensions Policy Institute (PPI).
By introducing the flat rate state pension reforms ten years earlier than expected, the PPI has suggested that seven million pensioners may see their incomes rise by 2034.
Meanwhile, five million people could need debt consolidation services as their incomes reduce.
Niki Cleal, PPI director, said: "If the government were to accelerate the pace of existing state pension reforms so that the state pension is flat rate by 2020 … no pensioner would gain any extra pension income and five million pensioners could lose out by 2034."
Women could also be disproportionately affected, as changes to the state pension age may cause hardship for many females reaching retirement with less savings than their male counterparts, according to Savvywoman.co.uk.
Posted by Sarah McAllister
debt advice
With most of the public sector cuts yet to kick in, the Office for Budget Responsibility is predicting hard work ahead for the Chancellor to meet his targets.
|
A government commissioned report to be released next week is expected to recommend that the decision to sign off employees on sick leave is taken by a new body.
|
The Office for National Statistics says that the total pensions liability for current UK pensioners and existing workers future pensions is £7.1 trillion.
|
The government is implementing a new universal credit welfare system to try and simplify the process, cut costs and reward work but what does it mean, how will it work and how will it affect you?
|
Around 400,000 public sector workers including police officers, lecturers, prison officers and health workers are striking today over pension reform plans.
|
Nearly half of Britain’s over 50s could be forced to work for more than a decade beyond state pension age to keep their standard of living, a report warns.
|
Has the Bank of England's quantitative easing policy harmed pension incomes as suggested by a Treasury committee budget report published this week or is the criticism overstated?
|
Our detailed budget coverage brings you all of the expert analysis and comment on the important measures contained in the Chancellor, George Osborne's budget.
|
Newsletter sign up