Pensions - Articles - Welcome news on triple lock


Steven Cameron, Pension Director at Aegon: “We welcome the Chancellor’s confirmation that it has no plans to remove the triple lock ahead of 2020. The state pension is the bedrock of many people’s retirement incomes and to give pensioners certainty, government should not make mid-term changes to state pension commitments.

 “Nine years of ‘triple lock catch up’ by 2020 will be a very valuable boost to pensioners, but clearly, the more its value, the greater its cost to the government and taxpayers. Considerations around state pension increases should be reviewed every 5 years on affordability grounds, and to make sure the government is allocating finite resources fairly between generations.

 “However, the Chancellor’s mention of growing longevity and the need to assess pensioner support for this growing elderly population did not go unnoticed. We await further details on ‘budget balancing’ plans to further increase state pension age, but we also need to give people flexibility to access their state pension earlier at a reduced level.

 “Growing longevity with longer periods in poor health also need urgent government attention to avoid an impending care crisis. Pension policy needs to be reviewed to allow people to prepare to cover their long term care costs, however much they’d prefer not to think of this eventuality.”
  

Back to Index


Similar News to this Story

Auto enrolment nets 800K more savers but challenges remain
89% of eligible employees were participating in a workplace pension in 2024. 21.7 million are saving into a workplace pension - more than double the 1
2025 to 2026 PPF levy invoicing on hold
We’re informing our levy payers that we’re putting the 2025/26 PPF levy invoicing on hold and expect to provide a further update this Autumn. The emai
Rethinking pension adequacy through a global lens
Festina Finance is urging UK policymakers to rethink what ‘pension adequacy’ really means, and to look to other countries for tried and tested solutio

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.