State pension 'set to be around for another 100 years'

By Tom Farley, Fri 1 Aug 2008 - Published in Pensions

The government has announced plans to make the state pension system simpler, fairer for women and carers and more generous.

James Purnell, secretary of state for work and pensions, paid tribute to those people who campaigned for the state pension a century ago and said the changes should secure the future of the state pension for the next 100 years.

Department for Work and Pensions research has revealed only half of those questioned thought the state pension would still be going when they retired, with 44 per cent saying they were sure it would not be around.

Mr Purnell said: "The state pension is now in good shape for the generations to come and people can be reassured it will continue to form the bedrock of pension provision."

He explained the government's plan to restore the earnings link to the state pension would mean by 2050 it would be worth about double what it is today.

Last month, Zurich said financial advisers needed to help people compare money-saving schemes to ensure they are well-provided for during retirement.

News Categories

News Archive

News: State pension 'set to be around for another 100 years'