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Pensions are in crisis. Millions of people in work today have no idea just how poor they will be when they retire. But the crisis is hard to pin down as there is no single cause.
Bob is angry. Not long retired he has been taking a close look at his state pension and he reckons it is not enough.
“In percentage terms it is not good. It is well below the average wage,” said the 66-year-old from Tyneside.
Bob is not alone. He is one of a growing band of pensioners who are increasingly making their voice heard … A voice that they are determined the politicians will hear.
Bob is luckier than some in that he does also have the benefit of a company pension to top up what the government gives him.
Cyril is not so fortunate. Now 81, he has less than 100 a week to live on; his basic pension being topped up with pension credit.
Eroded pension funds have fuelled anger and resentment in the UK
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Pension time bomb
Of course it could be claimed that Bob and Cyril and thousands like them are just the tip of what is likely to become a very large iceberg as pensions (or rather the lack of them) look set to be one of the hot political potatoes over the coming years.
This is why the parties are falling over themselves to come up with what they think is the answer to the pension time bomb. But it is not an easy problem to solve.
Not only do the politicians have to satisfy today’s pensioners but, with a growing elderly population, ensure that there is enough cash in the bank for tomorrow’s retirees too.
The snag is that we are all living longer and not saving enough. Government figures predict that a 65-year-old in 2041 will have another 21 years to live.
Today they are likely to live another 16 years.
The question is do tomorrow’s pensioners spend those 21 years at coffee mornings, the hairdressers and day trips to Whitley Bay, or behind a keyboard or on the till at a DIY store trying to earn enough money to make ends meet?
Party promises
So, with the election ever closer, what do the parties promise us?
The Liberal Democrats say they will boost the basic pension and restore pensions earning links for the over-75s.
They will also link pension to residency rather than national insurance payments and, their big carrot, offer free long-term personal care.
Meanwhile, the Conservatives say they too will restore the link between state pension and earnings, offer state-funded insurance for residential care and offer up to 500 off of council tax bills.
Labour says it will increase the basic state pension in line with price rises and offer incentives for those willing to work longer.
On top of that there will be extra help for the poorest and additional cash to pay the council tax.
Radical change?
But it could be debatable whether any or all of these materialise just yet.
The Government already had Pensions on its “To Do” list.
The Pensions Commission is due to report back its conclusions to what can be done in autumn 2005.
It is possible that whichever party gets in, no big decision will be made before then.
In fact, many believe that any really radical changes will not take place until 2010 by which time many more of us will be joining Bob and Cyril in the queue at the Post Office.
Politics Show
That is the Politics Show, Sunday 24 April, at 12.00pm with Richard Moss and Mary Askew. On the panel will be Peter Atkinson, Conservative, Hexham; Hilary Armstrong, Labour, Durham North West and Jodie Dunn, Lib Dem, Hartlepool.
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