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Preamble |
Chapters
- Salaries and Taxation
- Pensions
- Benefits
- Health and Care
- Education
- Housing
- Employment
- Trades Unions and Labour Laws
- Trade and Industry
- Transport
- Energy
- Environment
- Agriculture, Fisheries, Food and Rural Life
- Crime
- Legal System
- Immigration and Asylum
- Local Government
- Devolution and Regional Government
- Parliament and Democracy
- Media
- Freedom of Information and Privacy
- Northern Ireland
- European Union
- Foreign Policy
- Defence and Disarmament
- Conclusions
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| Under the Tories, pensioners got worse off because the link between the basic pension and earnings was broken and the value of SERPS was halved with no reduction in contributions. More pensioners therefore became eligible for means-tested benefits, while everyone else became increasingly dependent on company or personal pensions. Most company pensions were "final salary" schemes with the pension linked to final salary, but many employers cut back their own contributions to them. Personal pensions were expensive "money purchase" schemes with the pension depending on investment returns. |
| Labour policy was: |
| 1 | To restore the link between the basic pension and earnings | |
| 2 | To end all means-testing of pensioners | |
| 3 | To restore the value of SERPS (?) | |
| 4 | To define occupational pension funds as deferred pay which is an employee's by right | |
| 5 | To reject personal pensions as an inadequate substitute | |
| In fact under New Labour: |
| 1 | After long resistance, the link with earnings will be reinstated in 2012 "subject to affordability and the fiscal position" |  |
| 2 | Levels of means-testing have risen and will still affect a third of pensioners beyond 2012 |  |
| 3 | The value of SERPS has not been restored, and it is to be replaced by a flat-rate State Second Pension | |
| 4 | Employers now have no obligation to contribute to employees' occupational pensions and many have changed to money purchase schemes which will pay out less | |
| 5 | Personal pensions are promoted, though charges are lower in Stakeholder schemes |  |
| | NB - The retreat from 1 and 3 began under a commission set up by John Smith but reporting to Tony Blair. | |
| In addition: |
 | The official retirement age is to rise to 68 for both sexes by 2044 | |
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