Earnings link restored after truce between Blair-Brown over pensions

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Financial Services > Pensions > News

Earnings link restored after truce between Blair-Brown over pensions

Tue, 16 May 2006

A recent truce between Prime Minister Tony Blair and Gordon Brown has restored the link between earnings and pensions, but the change will not be introduced until 2012.

Under the agreement, pensioners will have to wait for another seven years before they will be able to receive new rates, and people may have to work until they turn 68 years old.

The agreement watered down the Adair Turner Pension Commission’s proposals to restore a link between earnings and pensions by 2010. Details of the proposal will be set out to the Commons on Monday.

Whilst the Prime Minister declared the new legislation to be "a huge bonus" for the country, some politicians and campaigners believe otherwise. To illustrate, Frank Field, the former welfare minister, declared himself to be "cynical" concerning the deal, proposing that the arrangement was merely designed to satisfy back-benchers in the labour party who had called to end party in-fighting. "This is a deal about getting the government through the next week" says Field.

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