UK - Radical changes are needed to state pensions to ensure everyone is above means-tested benefits, a research paper by an independent think-tank says.
The Social Market Federation wants the state second pension replaced with an individual pensions pot funded by National Insurance rebates.
The paper says the government actuary would set the rebates required to fund a second pension at a level sufficient, together with the basic state pension, to ensure everyone was floated clear of means-tested benefits.
The SMF says this would provide everyone with a guaranteed minimum second pension by topping up pensions savings where funds were insufficient to pay for an income at the “guaranteed level”.
The paper – Save our Pensions – was drafted by former Conservative social security secretary Peter Lilley.
Lilley said: “The current pensions crisis and our ageing population make radical action and creative thinking essential.
“These proposals will generate an unprecedented flow of long-term saving and investment and reduce the future tax burden.”
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