Gov't will only offer basic income in retirement

Speaking at the Chatham House conference ‘European Pensions 2006: Redistributing the risk – public and private approaches to retirement provision’ the Minister for Pensions Reform said the proposals for pension reform are an attempt to manage risk by diversifying. He confirmed the government agrees with the recommendations of the Pensions Commission suggesting the government withdraw from its role in providing earnings-related pensions and instead look to funded schemes to provide this type of benefit. Purnell points out state expenditure on pensions is “under greater pressure than ever ...