McClymont: State pension change should not damage private pensions

Addressing the Association of Member Directed Pension Schemes (AMPS) annual conference, McClymont said while Labour is keen to hear more about plans for a single tier state pension, it must not harm retail and occupational pension schemes. He backed proposals to increase state pension age in line with increased longevity, but said the system would need to be balanced. But he warned implementation should not lead to disproportionate costs for savers in private arrangements. McClymont also identified a need for reform in the three pillars of pensions - state, employer and private/retail...