Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • January 2013
01

Mid-Term Review reaffirms state pension reform pledge

Open-access content Monday 7th January 2013 — updated 12.59pm, Tuesday 5th May 2020

The coalition government remains committed to introducing a better, simple, single state pension and tying in the pension age to increases in longevity, Prime Minister David Cameron and Deputy Prime Minister Nick Clegg said today.

In a mid-term review detailing the government's progress since the coalition came to power in 2010 and its priorities between now and 2015, Cameron and Clegg said ensuring the pensions system is fair and affordable and provides dignity for people is a priority for government.

'That means working towards a better, simple, single state pension, protecting pensioners against erosions in the value of their pensions and introduce a new system which will encourage young people to put aside enough money for their old age,' they explained in The coalition: together in the national interest.

Specifically, the document repeats the commitment made in last year’s Budget to automatically increase the state pension age in line with future changes in life expectancy, something Cameron and Clegg said would keep the state pension system 'sustainable and affordable'.

Details of the reform plans, expected to involve a single state pension set at around £140 a week, were expected to be published last summer. An initial delay meant the plans were then expected to be published in the autumn, but in today's document Cameron and Clegg indicate an announcement on the reforms would be made 'in due course'.

The mid-term review also repeated the commitment made in last month’s Autumn Statement to increase the limit on drawdown pensions from 100% to 120% and to take forward legislation to put public sector pensions on a 'fair and affordable' footing.

Government will also continue to roll out pensions auto-enrolment; ensuring businesses with fewer than 50 employees are not required to begin auto-enrolling employees until 2015.

In a move aimed at providing 'dignity in old age', the review outlines the government's support for a cap on adult social care costs. The cap was one of the main recommendations of the Commission on Funding of Care and Support, chaired by economist Andrew Dilnot, which reported in July 2011.

Dilnot recommended that no-one should be required to spend more than £35,000 of their personal assets on care in their old age but, while today's document did not specify a cap figure, it is expected it will be set higher.

Former care services minister Paul Burstow last week urged government to set the cap at £50,000-60,000 in 2015 prices.

This article appeared in our January 2013 issue of The Actuary.
Click here to view this issue
Filed in:
01
Topics:
Health care

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ