After much speculation in the media over the weekend and my attempts to find a copy of the “Green Paper” it wasn’t until yesterday evening, at 6.15pm that the Coalition announced their plans and a Green Paper regarding the proposed changes to the State Pension. Speaking to a sparsely populated House of Commons (spot the MP) Prof. Steve Webb spoke about the key issues and plans that are being announced. The video is shown below (or see the link). You need to move the slider to about half way along – to the right time of 18:15:45
Transforming the State Pension is no easy task, simplifcation is a term that has regrettably been largely misused in the pension world and whilst the changes have noble aims there is an awful lot of number crunching to do before we can categorically say that everyone is better off and the State pension is simple to understand. Mr Webb said “With today’s Green Paper we are setting out how we plan to transform the pensions system and create a simple, decent state pension that is easy to understand and efficient to administer. We need to ensure that saving for the future pays.”
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