Policy

Pensions and pension reform have been high on the political agenda for some time. A bill currently before Parliament will:

•  improve state pension coverage (from 2010);
• re-establish the link between the basic pension and earnings (from 2012 or soon after);
• increase state pension age (from 2024).

The measures to improve state provision have been welcomed although some organisations, including Age Concern, have argued these should happen sooner and be retrospective.

The next stage of reform will be the introduction of personal accounts – a new, low cost, national funded pension due to start in 2012. The Government has consulted on the scheme and legislation is expected in the next session of parliament.

Among those already retired, poverty levels have fallen recently but 1.8 million older people still live in poverty. This is partly because up to £4.2 billion of means-tested benefits are unclaimed by older people each year. 

Lack of access to financial services can cause practical difficulties, increase costs and in some cases, prevent older people from participating fully in society. We are pressing for effective legislation to outlaw age discrimination in the provision of goods, facilities and services.

Almost 25% of people aged 65-plus either have no bank account, or do not use their account for day to day money management. A Banking Code review is currently examining access to basic bank accounts and the Office of Fair Trading is reviewing the pricing of current accounts.

Access to financial advice and increasing financial capability are also high on the policy agenda. We support the Thoresen Review, set up to design a generic financial advice service. We are working to ensure that the needs of older retired people are not neglected.

Our reponse papers

Download our responses to recent government consultations from the bottom of this page.

Our response to related policy is listed below:

Contact us

Email: Policy

Our Income and Finance Experts are:

Sally West

Jane Vass