DEBATE ON PENSIONS

Yesterday I contributed to a debate on the move from a basic state pension and a state earnings-related pension (SERPS) to a one-off calculation for your pension at the point of retiral.

This matter is complex and I expressed concern that this will have an effect on people’s ability to understand their own pension posts, especially those whose pensions have been contracted out who may be impacted upon negatively by changes in pension arrangements.

After the hardship which has been visited upon the WASPI women, it is important that no other sections of the population face pension injustice.

We need an independent Pensions Commission to address the needs of pensioners and help prepare for a potential pensions crisis which many fear. Employee’s savings must be protected and a more progressive approach is needed for long-term pension security

Confidence in pensions has been gravely undermined because of the WASPI fiasco. It is time that pensions were no longer kicked about by Governments of different persuasions – only an independent Pension Commission will secure a sustainable pension for all in the future.