Pensions - Articles - The end of the world is nigh


Fraser Smart, managing director at Buck Consultants comments on state pension reform for the last time before the world ends tomorrow.

 This is, according to the Mayans, the last blog you will ever see from me. According to the Mayan calendar the world is going to end tomorrow.
 
 We are still awaiting the promised white paper on state pension reform promised before Christmas. So the Government is going to have to get a move on, especially if the Mayans are right.
 
 The Government is known to be considering plans for a universal state pension of around £140 a week. Under the current system a single person gets a pension of £96 a week. A range of extras are meant to guarantee a minimum weekly income of £132.60 but due to the complexity of the rules many people do not receive this.
 
 The introduction of the £140 per week universal state pension is supposed to be on a cost neutral basis, so there have to be as many losers as there are winners, which is politically awkward for the Government.
 
 The Government might of course issue the paper on Christmas Eve. It would then be old news by the new year.
 
 However if the Mayans are right they may not have to issue it at all, and we are all going to look pretty silly tomorrow.
 
 But if not I will be back with a new blog in the first week of January.
      

Back to Index


Similar News to this Story

£91bn taken from pensions in 2025/26 as annuity sales rise
The FCA’s Retirement Income Market Data published this morning finds that the total value withdrawn from pension pots increased by 22% to £91.2 billio
1 in 4 think their pension will be adequate in retirement
Confidence that pensions will provide enough to live comfortably in retirement remains low, while an increasing number of savers say they do not know
SPP calls for greater clarity on 2028 pension age changes
The Society of Pension Professionals (SPP) is calling on HMRC to provide greater clarity and stronger transitional protections ahead of the increase i

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.