UK - The link between state pensions and earnings will be restored if the Conservatives win the next general election.
Tory pensions spokesman Nigel Waterson claims the present government’s reliance on means-testing is driving more pensioners into poverty and he pledged to restore the earnings link as part of radical and fundamental pension reform.
Waterson – speaking at the National Pensioners’ Convention Pensioners’ Parliament in Blackpool – said: “The Conservative Party is deeply concerned about the spread of means-testing in our pensions system and agree with the N% that it is unacceptable.
“Today’s crisis in pensions and the expansion of means-testing is driving pensioners into poverty. The government must do more to give millions of pensioners peace of mind in retirement.
“The Conservatives would allow the Pensions Credit, with all its complex rules and regulations, to die a natural death as we raise the basic state pension and restore the earnings link.
In doing this, we will lift a million pensioners free from the means test in our first term of government.”
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.