Pensions bill a landmark, Hutton claims

Thu, 30 Nov 2006

John Hutton, secretary of state for work and pensions, has claimed that the new pensions bill is a vital step for future generations.

Published on November 28th 2006, the new document confirms proposals to link the state pension to earnings - which Mr Hutton claims would double the value of the pot for those reaching retirement after 2050.

Additionally, the Department for Work and Pensions claims that the new system will create a solid foundation to boost savings and make pensions more accessible for women and carers.

Mr Hutton also confirmed that the retirement age would be raised to 68 by 2046.

"It is a big step but is absolutely the right way to meet the demographic challenge so that we do not burden our children and grandchildren with the cost of a population spending longer and longer in retirement," he remarked.

Ian Naismith, head of pensions market development at Scottish Widows, claimed that the changes would "significantly improve" the state pension provision for women and carers, but also voiced concerns for self-employed individuals.


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