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Congleton Liberal DemocratsCampaigning all year round for the people of Congleton, Holmes Chapel, Alsager, Middlewich, Sandbach and surrounding areas. |
MINISTER'S OFF-HAND COMMENTS ON RETIREMENT AGE WON'T INSPIRE PUBLIC TRUST - LAWS
July 25, 2005 4:51 PM
The Pensions Minister, Stephen Timms, caused controversy today, remarking that as the increase in the state pension age for women has not been very controversial, 'why not add one or two years on at the end'. He made the off-hand comment at the press launch of the new report on retirement and pensions by the Institute of Public Policy Research. The report proposes that people in the workforce should have to work until they are 67 before they receive a state pension.
There is a big difference between aligning the pension age for men and women and raising the pension age for everyone. The solutions to the long-term funding of state pensions require a thorough national debate, a clear economic rationale, and a lead in time of at least 25 years. A long lead in time is essential if those over the age of 40 are not to have their retirement plans affected and so everyone else can increase their private savings so they can retire at their target age. The Minister's off-hand comments do not inspire public trust in politicians and their ability to take such crucial decisions.
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