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
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • April 2015
04

Election 2015: Green's retirement policy benefits all pensioners

Open-access content Wednesday 15th April 2015 — updated 5.13pm, Wednesday 29th April 2020

The Green Party has proposed plans to introduce citizen’s pensions to all pensioners regardless of contribution record from 2016 “so no pensioner will live in poverty”, according to its manifesto.

The Green Party has proposed plans to introduce "citizen's pensions" for all pensioners regardless of contribution record from 2016 "so no pensioner will live in poverty", according to its manifesto.

Natalie Bennett, leader of the Green Party © Edinburgh Greens

Under the new pension system, the party promised to pay £180 to single pensioners and £310 to couples and future increases would be based on inflation or earnings.

The Green Party recognised this would cost £116bn - £26bn more than the existing state pension. In order to fund this, the party proposed to reform private pensions and raise £20bn "by reducing tax and national insurance incentives for private pensions by one half". A further £6bn would be raised by abolishing national insurance upper thresholds.

The party said in its manifesto: "Private pension schemes have failed. The £40bn government subsidy given to private pension schemes in the form of income tax and national insurance relief is huge. The performance of the private pensions industry is dismal - the total paid out in private pensions each year is no more than the subsidy that the government gives the industry. We will begin to reform this."

In addition, the party said it would offer a "new state earnings-related pension scheme". This would invest in public assets such as the railway, renewable energy and the National Grid and projects sponsored by local authorities.

"These assets offer a long-term and predictable rate of return - ideal for pensions - and the pension fund will provide the savings needed to invest in these assets," said the manifesto. 

The party said these assets would replace existing pension fund assets, many of which consist of shares in companies whose main assets are "unusable fossil fuel reserves". 

It added: "Employers would be obliged to offer and contribute to this scheme, as they are now with stakeholder pensions."

Under the manifesto, pensioners living abroad will also receive the same pension and annual pension increase as those living in the UK.

This article appeared in our April 2015 issue of The Actuary .
Click here to view this issue

You may also be interested in...

Election 2015: Lib Dems promise to put 'triple lock' pension increases into law

The Liberal Democrats have proposed to write the government’s “triple lock” pension system into law, according to its 2015 manifesto.
Wednesday 15th April 2015
Open-access content

FTSE 350 DB pension deficits increased to 'near record high'

The total defined benefit (DB) pension shortfall from FTSE 350 companies’ funds has risen to £127bn, according to Mercer.
Thursday 9th April 2015
Open-access content

Election 2015: Long-term plan for pensions 'noticeable by its absence' from campaign, says NAPF

The National Association of Pension Funds (NAPF) has urged politicians to use pensions “to secure savers’ long-term interests not politicians’ short-term concerns”.
Wednesday 22nd April 2015
Open-access content

Majority of savers not confident about future of their pensions

More than half of savers feel uncertain about what the future holds for their retirement, warns the National Association of Pension Funds (NAPF).
Thursday 30th April 2015
Open-access content

Home insurance premiums continue to fall because of advanced planning

The cost of UK home insurance has continued to fall in the first quarter of 2015, with the average combined building and contents policy now costing £287 a year.
Thursday 30th April 2015
Open-access content

Monica Allanach Lecture

Bobby Riddaway of the Finance and Investment Board considers the impact of the budget changes announced in 2014 on the provision and management of defined contribution schemes and looks at the issues that trustees and providers should be considering
Tuesday 31st March 2015
Open-access content

Latest from Pensions

ers

By halves

Reducing the pensions gap between men and women is a work in progress – and there’s still a long way to go, with women retiring on 50% less than men, says Alexandra Miles
Thursday 2nd March 2023
Open-access content
rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
KV

Liability-driven investments: new landscape

What now for liability-driven investments, after last year’s crash in the market? Pensions experts Rakesh Girdharlal and Moiz Khan say it should lead to a more balanced approach
Wednesday 1st February 2023
Open-access content

Latest from April 2015

ta

More than two thirds of financial services professionals expect regulators to increase scrutiny on model risk management

Some 68% of financial services professionals believe regulators will become increasingly focused on model risk management.
Wednesday 29th April 2015
Open-access content
2

Only one in three people receive an inheritance despite more than half of parents intending to leave one

A third of people receive an inheritance despite more than half of parents saying they plan to leave one, according to HSBC.
Wednesday 29th April 2015
Open-access content
2

Insurers and lawyers join forces to tackle fraud

A new database to prevent false claims entering the compensation process has been launched by the legal profession and the insurance industry.
Tuesday 28th April 2015
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from inline_image_missing_alt_text

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
2

Bitcoin: In the vaults

Blockchain technology and the trading of bitcoin were introduced in October 2008 in the famous paper by Satoshi Nakamoto.
Wednesday 4th March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content

Latest from missing_standfirst

news in brief

March news in brief

Paper: A Cashless Society in 2019 Cash is under pressure. A tense 2018 led to a tumultuous 2019: Facebook's announcement of plans to launch its Libra cryptocurrency with a consortium of companies united all regulators against the project.
Friday 28th February 2020
Open-access content
2

Forging new paths

The Terminator is coming!  At least that's one potential vision of the future, invoked by Boris Johnson at the UN last year while he speculated about artificial intelligence (AI). We can certainly debate how realistic that vision is, and what the possible timescales might be.
Friday 28th February 2020
Open-access content
2

Expert advice

This edition of the magazine focuses on data science and its applications, which will be a recurring theme for the IFoA.
Friday 28th February 2020
Open-access content

Latest from 04

ta

More than two thirds of financial services professionals expect regulators to increase scrutiny on model risk management

Some 68% of financial services professionals believe regulators will become increasingly focused on model risk management.
Wednesday 29th April 2015
Open-access content
2

Only one in three people receive an inheritance despite more than half of parents intending to leave one

A third of people receive an inheritance despite more than half of parents saying they plan to leave one, according to HSBC.
Wednesday 29th April 2015
Open-access content
2

Insurers and lawyers join forces to tackle fraud

A new database to prevent false claims entering the compensation process has been launched by the legal profession and the insurance industry.
Tuesday 28th April 2015
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Shape the Future of Insurance

London (Central)
£ excellent package
Reference
149090

Senior Pricing Actuary - Life Reinsurance

London (Central)
£ excellent
Reference
149089

Insurance Investment Leadership Opportunities

Flexible / hybrid with 2 days p/w office-based
£ dependent upon experience
Reference
149088
See all jobs »
 
 
 
 

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

© 2023 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