Publisher's Synopsis
It is, argue the authors of this book, the right of all citizens to enjoy a reasonable income in retirement. Although demographic change will make the universal provision of such a state pension financially impossible, the authors propose that, if the Left were to abandon its inate hostility to private pension provision, the circle could be squared.;The authors suggest that the role of the state should be to design a legal framework to achieve the objective of universal private pension provision and thus to legislate for the provision of a Guaranteed Minimum Pension. Their main proposals include: a duty on all employers to pay a pension contribution of 6% of gross salary into a private pension; a duty on all employees to pay a pension contribution of 4% of gross salary; a duty on the state to make up the contributions of those who are not employees; phasing in a Guaranteed Minimum Pension at least 20% above the current state pension; phasing in a levy on recipients of the GMP who receive more than 9,000 pounds per annum from their private pension scheme.
