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
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • April 2015
04

Election 2015: Green's retirement policy benefits all pensioners

Open-access content 15th April 2015

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
Filed in:
04
Topics:
Pensions
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

GI Model development contractor

£700 - £1000 per day
Reference
119012

Pricing Actuary - Marine, Credit, Aviation

London (Central)
Total package circa £230K
Reference
119011

Capital Modelling Actuary

London, England
£70000 - £100000 per annum
Reference
119010
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
​
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

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200