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Coalition’s pension shake-up is a major error

first_imgMonday 25 October 2010 8:26 pm whatsapp KCS-content The proposals for a new state pension are straight from the old Lib Dem handbook. The government wants to raise the state pension and pay it to everybody regardless of National Insurance contribution (NIC)?records.There are problems with the current system, but sustainable reform is possible. The contributory principle should be strengthened and the two state pensions merged into one. Individuals should earn an entitlement to a fixed amount of pension each year when they pay their NICs with that fixed amount being indexed until retirement. Once pension is accrued it should neither be added to nor taken away by the government. The pensions of all the elderly would then be determined by the entitlements they earned throughout their working lives. If a particular generation wanted higher pensions, then that generation would pay for it with higher NICs.The problem with the proposed “citizens’ pension” is that the pension will be decided by parliament and not be dependent on contributions. No fewer than 43 per cent of active voters are aged 55 or above. The government will thus not do anything to undermine the financial position of the elderly. A citizens’ pension will be forever increased under pressure from a greying electorate.A pension based on a contributory system also allows for contracting-out so that people can make private provision and have a refund of NICs. Sadly contracting out has been brought into disrepute over the last 13 years but its scope should be extended and not reduced.The Lib Dems say they do not like the contributory approach because carers and the disabled might be left out. Such people would not pay NICs and so they would not get a state pension. But if it is desired to fix this problem, the solution is easy: the government just gives credits to such people; it happens now and the system works.A citizens’ pension has long been a policy of the social democrat wing of the Liberal Democrats. They believe pensions should be decided according to democratic vote using some notion of “fairness”. The genuinely small-l liberal idea of people making private provision is anathema to them. Even Beveridge’s and Lloyd George’s contributory principle for the state pension scheme seems to be on its way out. The liberals in the Conservative party need to suggest other approaches. If they do not, the younger generation had better start voting before their taxes rise and rise.Philip Booth is the Institute of Economic Affairs’ editorial director. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Show Comments ▼center_img Coalition’s pension shake-up is a major error whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute Share Tags: NULLlast_img read more