New political party calls for pension reform

Tuesday, 02 February 2010 10:26

By myfinances.co.uk staff

A new political party whose chief objective is reform of the pensions system in the UK has been launched.

The 'U Party', which was launched yesterday by former National Association of Pension Funds chairman Robin Ellison and is standing on the single issue of pension reform.

Mr Ellison said the party would have three objectives in order to reform the pensions system These would be to create a simple and understandable state pension system, scrapping the existing three/four state schemes and replacing them with one; reforming the regulatory regime for workplace pensions, to cope with the barriers to employers to put in pensions under the current system; and a simpler tax regime for pensions.

He said he did not expect to win any seats at the next election but hoped the party target would be able to give pensions a high profile during the campaign.

Mr Ellison, who is now head of strategic development for pensions at Pinsent Masons, claims to have already received support from the growing pension movement in the UK and will lead a team of pension experts under the U Party, to boost awareness among the electorate of pension policy failings.

He said: "Our pensions manifesto offers a holistic, balanced and sensible reform of the system to allow private pension schemes to flourish, and the state pension system to provide a safety net."

He added the objective of the U Party is to change the mindset of the main political parties and the civil service in relation to pension reform.

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