Pensions
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Asked about the Government’s plans to change the current pension system, the PMS said that there would not be any announcements made today. The Work and Pensions Secretary of State would be making a speech setting out the problems with the current system. One of the problems was that it was a very complex system and people didn’t understand it. The other problem was that it could discourage people saving for their retirement. We were looking at the system in the round and would come up with some proposals shortly. More generally, it was fair to say that when it came to welfare the Government wanted to simplify systems where possible.
Asked what the Prime Minister would say to someone younger in terms of the financial support they were or weren’t receiving, the PMS said that the Work and Pensions Secretary of State would be talking today about the next generation and how to get the system right in the future so as they were saving properly and preparing for their retirement.
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