| |
Centre for Policy on Ageing | |
 | |
|
The single-tier pension: a simple foundation for saving
— presented to Parliament by the Secretary of State for Work and Pensions | | Corporate Author | Department for Work and Pensions - DWP |
| Publisher | TSO, London, January 2013 |
| Pages | 108 pp (Cm 8528) |
| Source | Download: http://www.official-documents.gov.uk/document/cm85... |
| Annotation | In April 2011, the Government published a Green paper, 'A state pension for the 21st century' (Cm 8053), which consulted on two broad options for reforming the state pension system for future pensioners. There was a consensus that the state pension system needs to be simplified, and around three-quarters of the organisations responding supported the concept of a single-tier pension. The Government has now published this White Paper and a draft Pensions Bill. The White Paper explains the context for reform: that the decline in the relative value of the basic State Pension, resultant growth of means-tested support, and a move towards additional state earnings-related pension provision have made the state pension system increasingly complex. Against a backdrop of increasing longevity and with the introduction of automatic enrolment in pension schemes, current generations of workers will have to take greater personal responsibility for saving to achieve the level of retirement income they are likely to expect. Also described are: the single-tier pension; managing the end of contracting out; the transition to the single-tier pension; sustainability and assumptions; and longer-term sustainability regarding State Pension age (SPA). A few simplified case studies illustrate the transition process for people in different circumstances at implementation. Annexes include a brief history of the state pension; features of the single-tier pension and specific transitional arrangements; an example State Pension statement' and proposed timetable for implementing the increase in State Pension age to 67. (RH) |
| Accession Number | CPA-130208002 E |
Data © Centre for Policy on Ageing |
|
| ...from the Ageinfo database published by Centre for Policy on Ageing. |
| |
|