Goals & Policy Detail - Pensions

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This is what you say:

We want a secure retirement that keeps our dignity.

What's wrong with things as they are?

Too many people are not in a pension scheme
Too many pensions are not safe or guaranteed
Too many pensions are worthless
Too many pensioners live in poverty
Claims for additional support are too complicated and demeaning

UKpopdems will make sure that everyone has a safe pension that supports them in retirement, so we'll:

Ensure the private sector funds a minimum 50% earnings related pension for all employees and self-employed.
Set up a joint government/industry fund to make sure pensions can be paid if a business fails or the fund has a shortfall
Make sure any pension entitlement can easily be transferred
Introduce a safe minimum pension for those not working or taking career breaks
Allow individuals to choose their own retirement age and thus their pension contributions
Match new entrant public sector pensions with the private sector
Keep the formal state pension at age 65, but make actual retirement variable according to individual wishes
Keep the existing minimum pension guarantee until the new safe pensions can take over. Make additional support easier to obtain.

What will this do for the British People?

New, safe pensions will ensure you are guaranteed a secure retirement whether you are working or not
You will be able to choose your own retirement age preference and contribute to your safe pension accordingly
If you are in the public sector, new entrants will have exactly the same safe pensions as the private sector
Until the new safe pension is available to you, you will continue to receive the state pension as today with additional benefits should you need them.

Companion notes to the policy

No safe pension will be less than 50% of the minimum wage applying at the time.
Safe pensions will be guaranteed by a joint private/public fund, ring-fenced to avoid any future surpluses being misused.
Pension contributions will be compulsory for all workers in Britain, part-company and part-individual funded. The individual contribution variable to allow choice of retirement age
Existing pension funds providing better pension entitlement will be merged into the safe pension or kept separate depending on majority employee wishes
This is a future-proofing policy to make sure people are secure in retirement and Britain is protected from escalating pension costs. The change-over will be gradual

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