Thursday, December 01, 2005

United Kingdon: Pensions Commission Recommends Raising Retirement Age and Other Reforms

The United Kingdon Pensions Commission has issued its report A New Pensions Settlement for the 21st Century with recommendations to increase the retirement age gradually to age 68 and to implement an integrated set of policies that can ensure that increasing life expectancy becomes not a problem but an opportunity for everyone. Key proposals from the Pensions Commission’s report include:
  • The establishment of a National Pensions Saving Scheme into which all employees without good existing provision would be automatically enrolled but with the right to opt out.
  • Reforms to the state system to ensure a sound foundation on which pension saving can build.
  • Measures to improve the position of people with interrupted work records and caring responsibilities, who are disadvantaged by the existing contributory system.
  • Measures to facilitate later working and flexible retirement for those who want it.
Other resources available online include the text and slides of Lord Adair Turner's presentation.

Source: Press Release The UK Pensions Commission November 30, 2005

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