Chapter

Why Has It All Gone Wrong? The Past, Present, and Future of British Pensions

Frank Field

in Britain's Pensions Crisis

Published by British Academy

Published in print October 2006 | ISBN: 9780197263853
Published online February 2012 | e-ISBN: 9780191734281 | DOI: http://dx.doi.org/10.5871/bacad/9780197263853.003.0009

Series: British Academy Occasional Papers

Why Has It All Gone Wrong? The Past, Present, and Future of British Pensions

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This chapter examines the political framework within which the debate about retirement income in Britain is conducted. It uses the lessons of the national minimum strategy, but takes into account today's political realities, to draw up a pensions reform programme. The Pensions Reform Group (PRG) advocates a new basic universal pension which guarantees an income in retirement above means-testing. This is to be achieved by keeping the current pay-as-you-go state pension and building alongside it a funded scheme so that in total a pension between 25–30 per cent of average earnings can be paid. This is a collective scheme but is not one run by the state as is today's national insurance retirement pension. Serious pension reform is far too big an issue for governments not to be interested in the outcome. That interest is accepted but balanced by the form of governance being proposed by the PRG.

Keywords: Britain; Pensions Reform Group; retirement income; pension reform; state pension

Chapter.  1982 words. 

Subjects: Political Theory

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