Tuesday, 14 January 2014

Liberal Democrats and the State Pension "Triple Lock"

Liberal Democrats are building a stronger economy and a fairer society, enabling everyone to get on in life. That's why we are working to help people get better pensions.

The “triple lock” pensions policy was a Liberal Democrat 2010 manifesto policy and was not in the Conservatives’ manifesto.

Liberal Democrat pensions minister Steve Webb has announced a consultation on cracking down on rip off pension charges to help people saving for their retirement.

On Saturday, January 4 Steve Webb announced Government plans to reform the UK private pensions system and end the current “lottery”.

In an interview with the Telegraph Steve Webb set out proposals allowing pensioners to be able to switch annuities regularly, to free people from low value schemes.

In the Telegraph, Steve Webb said:

“When you take out a mortgage, in a few years if rates change you can switch your mortgage,” he said. “But when you take out an annuity, that’s it – for life. This could easily be for a quarter of a century.

“Why shouldn't you be able to change your annuity provider so a few years later somebody else could offer you a bigger pension?

“Why shouldn't you be able to shop around?”