You are here: Home - Saving & Banking - News -

Brown defends his pension decision as ‘the right one’

0
Written by:
03/04/2007

Chancellor Gordon Brown has stepped up the pressure in the pensions debate by reiterating that his decision to change the tax rules 10 years was the right one for the national economy.

Brown said that the change had raised £5bn a year for the UK economy and represented a vital part of the national saving and investment programme over the term of the Labour Government. He was speaking at a Scottish campaign event, where his decision was also backed by Prime Minister Tony Blair.

But the Conservatives rejected his claims and said that he took the decision despite advice that it would cause a £75bn ‘hole’ in pensions.

It was also seen as a key contributory factor in the rapid decline of final salary pensions, along with the dotcom crash, firms taking pension holidays and increased life expectancy leading to pension funds having to sustain more pensioners for longer periods.

Liberal Democrat leader Sir Menzies Campbell said that he hoped Brown would “take responsibility” for putting “right” the crisis in pensions which has developed over the past decade and that pensioners would not be placed in difficult situations by the framework adopted to accommodate the pension system.

People still had the right to compare pensions and to enjoy a retirement free from financial anxieties after a lifetime of making contributions.

 

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Benefit tests set to get much tougher for sick and disabled

Many people currently claiming sick and incapacity benefits could be deprived of their money because of possible tougher eligibility tests,...

Close