- Monday, 24 May 2010The coalition government's plans to reform the pensions crisis have been widely welcomed by industry experts.
Dr Ros Altmann, an independent pensions expert, is pleased with the urgency with which the government has addressed the problems with pensions, because she fears if nothing is done older people will be living off less money and those still working will be taxed more.
With a pensions crisis and an ageing population, more people may be in need of a
debt management plan when they reach retirement age if nothing is done.
Dr Altman said: "The first step is to reform the state pension, so that it forms a stable base on which private long-term savings can be built.
"At the moment, because nearly half of pensioners will end up eligible for means-testing, any private pension savings they make could be penalised and that will put them off contributing."
On May 20th the government released its manifesto which showed that it plans to give consumers more flexibility in accessing part of their pension fund early. This could aid a
debt management plan.
It also stated that it would protect the key benefits for the older generation such as the winter fuel allowance, free TV licenses, free bus travel and free healthcare.
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