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By Anonymous 4 Years Ago
Michael,A quick observation, as i'm sure you know, the poor die many years before before the rich.A pensioner in Kensington can expect to live well into their 80s, whereas a pensioner from Glasgow might expect to live until their early 70s. This week, we learnt that homeless men have a life expectancy of 47 years. The poorest in our society are unlikely to claim a pension.Pensions are likely to be regressive, simply because the poor die so much younger.So it is either disingenuous or insane to claim that it's a terrible thing that the poor rely on means tested benefits. Means testing insures that our limited resources are given to pensioners who actually need the state's help, not to people who don't. A nice example is the full basic state pension, worth a3135,000 at current annuity rates, given to you and millionaires in the house of lords. I'm not convinced this will do much reduce poverty.Secondly, given how little Brits are currently saving for their retirements, do you really believe that it is a good idea to reduce the incentives for people to save to support themselves during their retirement?Finally, Lord Hutton's report continued the fine British tradition of making ludicrous assumptions in order to make our public sector pension system appear remotely solvent. Economists and actuaries have been warning about the UKs pensions crisis for at least a decade. Over your long career in politics did you take any steps to insure that our pension schemes (state and public) were sufficiently funded? In short, I'm not convinced you are wise opining about this, given your parties achievements in reforming the UK's pensions system over the last 15 years.
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