Turner defends pensions plans
Proposed measures to reform the state pension system have been defended by Lord Turner in the Pensions Commission’s second report.
The Pensions Commission chairman used his second report to reiterate his calls to make the state pension more generous and to increase the retirement age.
He added that he had so far been encouraged by the positive feedback to the commission’s proposals, which were made in November last year.
Turner said: “There is significant agreement around the proposed direction of reform to the state system ?that the state pension should be made more generous and less means-tested but available at a gradually rising age.”
The Pensions Commission also proposed a National Pension Savings Scheme (NPSS), which many workers would be automatically enrolled into, encouraging them to save into a pension, and Turner said this plan also had widespread public support.
He said: “On the private side, there is almost universal support for automatic enrolment as a means strongly to encourage individuals to save whilst still leaving them ultimately free to make their own decisions about saving.”